Al Suwaidi clarifies stand on Gulf central bank

Abu Dhabi: Gulf Cooperation Council (GCC) central bankers who met in Doha on Monday have only discussed the nucleus of a joint central bank through the establishment of a Monetary Council, a top official said.

"We have not discussed anything related to the Monetary Authority other than the establishment of the Monetary Council, and all the reports referring to anything else are not true," Sultan Bin Nasser Al Suwaidi, UAE central bank governor, told Gulf News.

Several reports on Tuesday stated that a timetable calls for the GCC central bank draft proposal to be approved by finance ministers at a meeting in September and for the region's rulers to sign a final deal in November. Al Suwaidi denied these reports and reiterated whatever has been considered is only related to the establishment of the council.

Meanwhile, traders reduced bets on an appreciation in the dirham after Monday's move in Doha.

Contracts to buy dirhams in a year's time fell 0.16 per cent, the most since April 15, to 3.6155 per dollar in Dubai. Dirham forwards peaked at 3.5555 on March 18.

- With inputs from Bloomberg