GCC states expected to vote one currency approval

Muscat, Oman: The leaders of the six GCC states could give a final approval for the common GCC currency at the end of the 29th GCC Summit on Monday although hosts Oman are staying our it as they are 'not prepared yet'.

According to sources a different name for the currency may be adopted to avoid identical names of the currency in the GCC countries like dinar, riyal and dirhams.

"I can tell you that 'Khaleeji' is being seriously considered for the name of the new common GCC currency," a sourced told Gulf News on the condition of not being named.

The only stumbling issue that needs to be ironed out before the decision on monetary union is of the location of the GCC Central Bank.

"Three states have staked claim to have the GCC Central Bank in their country," a source said. It is believed that Saudi Arabia is very keen to host the Central Bank, so are the UAE and Qatar.

Oman pulled out of the Common currency programme in 2005 after informing the other member states during the 2005 Summit in Saudi Arabia.

Oman has also agreed for the other five countries to go ahead with the agenda and even agreed to help give the final shape to the monetary union pact during its hosting of the Summit here.