Gulf union countries may launch single currency in 2015

Countries part of the Gulf monetary union could launch a single currency in 2015 if the process is done swiftly, Mohamed al-Mazrooei, GCC assistant secretary general for Economic Affairs told Reuters on Wednesday.

“I personally expect the single currency to be launched in 2015, if we step up the efforts and the work of various committees,” he said.

The UAE and Oman opted out of the Gulf Monetary Union Agreement which was signed by the remaining four GCC countries last month.  Authorities from Saudi Arabia, Kuwait, Qatar and Bahrain are currently working on the creation of a joint central bank.