Kuwaiti parliament approves Gulf monetary union
The Kuwaiti parliament unanimously agreed to…
December 8, 2009 4:34 by kippreport
The Kuwaiti parliament unanimously agreed to join the Gulf monetary union on Tuesday, but officials are demanding to pass another vote before the launch of the single currency, reports Reuters.
“Issuing the (Gulf) currency, as the central bank governor clarified, will take a long time and could reach up to 10 years,” Kuwait Foreign Minister Sheikh Mohammad al-Salem al-Sabah told the parliament.
Bahrain and Saudi Arabia have ratified the project, and according to Abdulrahman al-Attiyah, the GCC secretary general, Qatar has also ratified it. The UAE and Oman opted out of the monetary union.