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UAE set to host AGCC central bank: Kuwait
KUWAIT CITY - The United Arab Emirates (UAE) will be home to the central bank of the six states in the Gulf Cooperation Council (AGCC) which are working to set up a monetary union next year, the Kuwaiti finance minister said yesterday.
Finance ministers of the AGCC bloc who met in Saudi Arabia on Saturday welcomed the development, Mahmud Al Nuri told the official Kuna news agency on his return here. He did not say, however, when the bank would start operation.
The AGCC comprises Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE. The ministers discussed planned economic integration and obstacles facing the customs union, which was launched in January 2003, Nuri added.
In their bid to establish a monetary union in 2005, a common market in 2007 and a single currency at the start of 2010, the AGCC states have agreed on several key criteria to bring their economic and fiscal policies closer.
These included budget deficit, ratio of public debt to gross domestic product (GDP), inflation and interest rates and others.
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