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Gulf Single Currency Unlikely in Next Five Years

Dubai, UAE : 25 May 2010

The launch of the GCC single currency, initially planned for 2010, is facing a further setback as Gulf governments witness the continuing crisis hitting Europe’s economic union.  

Secretary-General of the Gulf Cooperation Council (GCC), Abdulrahman al-Attiyah, stated today that he didn’t ‘foresee’ the currency being launched in 2015 because of ‘legislative and institutional’ requirements in GCC countries being of a ’sophisticated’ nature. 

The GCC intended to emulate the success of the European Union’s Euro with its own single Gulf currency -  a policy that might not seem like such a good idea right now.

Currently Saudi Arabia, Kuwait, Bahrain and Qatar are committed to a single currency with the UAE and Oman watching and waiting before they agree to sign up.

Andrew Reid, Staff Writer, Gulf Jobs Market News
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