Kuwait ratifies Gulf monetary union pact

Kuwait ratifies Gulf monetary union pact

Kuwait’s parliament unanimously ratified a Gulf monetary union pact as the emirate’s foreign minister said the launch of a single regional currency could take a decade.

By (AFP)

Published: Tue 8 Dec 2009, 1:44 PM

Last updated: Thu 2 Apr 2015, 3:47 AM

The pact, signed by four members of the six-nation Gulf Cooperation Council (GCC) in June, stipulates the establishment of a joint monetary council next year.

Under the scheme, the council is scheduled to develop into a GCC central bank, which would work to issue a single currency for the Gulf.

Following a brief debate, all 64 members of Kuwait’s parliament, including the 16 cabinet ministers, approved the pact, which is expected to be approved by GCC leaders at their annual summit in Kuwait next week.

Foreign Minister Shaikh Mohammad al-Sabah told parliament the launch of the Gulf currency would take a very long period to materialise and that “could be as long as 10 years.”

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