Gulf states discusses currency unification before 2010

The assistant secretary general for economic affairs in the Gulf Cooperation Council, GCC, Muhammad al-Mazrou' said that the GCC states formed committees to follow up debating a common currency before the target date in 2010.

Al-Mazrou' said that the technical committees are studying the criterion, for achieving economic balance between the GCC six- member states by the fall of 2005, in preparation for the monetary unity. The Kuwaiti news agency quoted him as saying that "the criterion include the volume of reserves of foreign currencies, inflation, the general debt and profits levels."

The GCC agreed in 2002 to use a common currency by the fall of 2010.