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PGCC to launch single currency by 2010 Press
TV Arab foreign and finance ministers of the Persian Gulf Cooperation Council have approved to adopt a single currency in the region by 2010. The finance ministers will prepare the agenda for the PGCC summit, after United Arab Emirates, the bloc's second largest economy, called for an end to the region's currency pegs to the tumbling dollar. The ministers will discuss a custom union, monetary union, and the creation of a common market in the world's largest oil exporting region, Abdul-Rahman al-Attiyah told Reuters on the sidelines of the meeting in Qatar's capital, Doha.
When asked whether there was any plan to speed up the project, he said: Yes. The plan would be designed to meet the 2010 deadline for monetary union, he said. Representatives from the PGCC member states - Saudi Arabia, Bahrain, Kuwait, the UAE, Qatar, and Oman - will meet at the Doha Summit on December 3-4.
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