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Gulf monetary union will take time -KSA central bank governor

The Kingdom's central bank governor hopes that UAE re-join "when the time is right for them."

March 26, 2011 4:22 by

A Gulf monetary union is still in its early stages and the launch of a common currency will take time, Saudi Arabia’s central bank governor said in remarks published on Saturday.

“The Gulf monetary union project is huge and we are still in the foundation stage,” Muhammad Al-Jasser told Al-Hayat newspaper. “There are no important economic actions or projects held up on this common currency… that is why we will take the right time for it, but this does not mean that we will be sluggish in working on it,” he added.

Jasser did not give a date for when he expects the currency to be launched. Central bankers from oil producing Gulf states met in Doha last week and discussed some of the necessary steps needed to achieve a common currency.

The United Arab Emirates and Oman withdrew from the plans for the common currency but Jasser said he hopes that they re-join when the time is right for them. “This is their choice … each country has its own circumstances and we respect that. We hope that they come back to the monetary council when the situation is right for them,” he said.

(Reporting by Asma Alsharif; Editing by Firouz Sedarat)

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