Gulf monetary union agreement enacted - Kuwait

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by Eman Goma, Raissa Kasolowsky and Rania Oteify

Gulf Arab countries enacted a monetary union agreement on Tuesday despite the absence of major player the UAE and fellow oil producer Oman.The central bankers from four states in the union - Saudi Arabia, Kuwait, Qatar and Bahrain - will now set a timetable for the creation of a joint central bank, Kuwait's finance minister told state news agency KUNA without giving details. Mustapha al-Shamali expressed hope the UAE and Oman would rejoin the planned union in the near future, but did not give more details about his country's drive to secure their return during its 2010 presidency of the Gulf Cooperation Council.

Gulf monetary union agreement enacted - Kuwait

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