Joint monetary union for GCC; Common currency soon

[Jerry]

MANAMA (KUNA): Kuwaiti Minister of Finance Badr Mshari Al-Homaidi confirmed on Saturday that the six-state Gulf Cooperation Council (GCC) planned to establish a joint monetary authority, issue a joint currency and enforce regulations that organize banking services...

He indicated that sufficient time is needed for setting up the common Gulf market, the common monetary union and issuance of the single GCC currency.Mohammed Al-Mazrouee, the Kuwaiti ministry's assistant secretary general for economic affairs, said the conferees approved certain follow-up measures concerning the common market, planned to materialize by the end of 2007

http://www.arabtimesonline.com/arabtimes/business/Viewdet.asp?ID=3843&cat=a

[copper13]

I have a queston? If they switch to a common currency in 2007, that would be bad for us Iraq investors right? :confused:

[Mucho Dinaro]

I have a queston? If they switch to a common currency in 2007, that would be bad for us Iraq investors right? :confused:

Not bad news to me copper!!!

[Dinaress]

the article states 'six' --so it looks like for right now its just the current members.
here is an interesting tidbit of news ;)
http://menafn.com/qn_news_story_s.asp?StoryId=91038

[MWM]

Not bad news to me copper!!!


Your bad news is on the other thread.