Kuwaiti finance minister: GCC monetary union pact goes into effectduring summit

18:58, December 15, 2009      

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Kuwaiti finance minister said Tuesday the Gulf Cooperation Council (GCC) monetary union pact has gone into effect during the current 30th GCC leaders' summit in Kuwait City.

Mustafa Al-Shamali said under the agreement, central bank governors of the bloc would hammer out the timetable for the establishment of a central bank that will be responsible for issue a unified currency.

Founded in 1981, the GCC groups Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.

As of now, four member states, including Saudi Arabia, Bahrain, Qatar and Kuwait have ratified the monetary union agreement.

Source: Xinhua
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