Report: Gulf Arab nations launch monetary pact in key step toward currency unification

The Associated Press ~ staff The News
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KUWAIT CITY - Kuwait's finance minister says a monetary pact between Gulf Arab nations has gone into effect - a move that brings the nations closer to the so-far elusive goal of a unified currency.
The official KUNA news agency quoted Mustafa al-Shimali as saying Tuesday that central bank governors from the six Gulf Cooperation Council countries would set a timetable to set up a regional central bank with an ultimate aim of setting up a unified Gulf currency.
The development came as leaders of Saudi Arabia, Kuwait, Bahrain, Qatar, Oman and the United Arab Emirates were poised to wrap up a two-day summit in Kuwait.
GCC nations have been working toward greater integration, but the plan for a unified currency suffered a blow when the UAE and Oman said they would not join.

Organizations: Gulf Cooperation Council

Geographic location: Kuwait, Oman, United Arab Emirates Saudi Arabia Bahrain Qatar

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