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Article: Monetary Union Ratification by Year-end.
- Article from:
- Khaleej Times (Dubai, United Arab Emirates)
- Article date:
- October 1, 2009
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Summary: ABU DHABI -- The four members of the Gulf Cooperation Council comprising Saudi Arabia, Kuwait, Bahrain and Qatar are expected to ratify the monetary union agreement by the end of this year, according to a top official.
Mohamad Al Mazroui, assistant secretary-general for economic affairs in the Gulf Cooperation Council, or GCC, said on Tuesday that the ratification of the treaty is fundamental for creation of the monetary council, a precursor to the proposed GCC Central Bank, which will be issuing the common currency.
"I expect that the four countries will ratify the treaty to form the monetary union before the year-end. But this is an ...