Business | Economy
GCC to require price tags in all Gulf currencies
The GCC General Secretariat in Riyadh is expected to announce a proposal making it mandatory for all stores to attach price tags to consumer goods in all six currencies of the member states.
- By Mariam Al Hakeem, Correspondent
- Published: 00:00 July 10, 2006
Riyadh: The GCC General Secretariat in Riyadh is expected to announce a proposal making it mandatory for all stores to attach price tags to consumer goods in all six currencies of the member states.
The step is meant to remind the public and commercial establishments of the project of the unified Gulf currency, which is expected to be functional in 2010.
Mohammad Bin Obaid Al Mazroui, Assistant GCC Secretary-General for Economic Affairs, said, "Although this plan has been reviewed yet, the monetary authority will not immediately withdraw the member states' currencies on the launching of the new currency, but will be withdrawn in stages.
In the first stage, prices of the products in member states will be given in their currencies along with the unified currency. This serves as an orientation period.
Addressing a press conference here, Mazroui stressed the importance of conducting an intensive awareness campaign to enlighten the public, business owners, banks and financial institutions about all aspects of the new project.
He pointed out that the GCC monetary authority will fix the rate of exchange of the unified currency, noting that member states have not chosen a name for the unified currency.
He described the step as one of the first stages of economic integration.
The economic accord signed by the member states divides the economic integration process into four stages covering free trade zones, customs unions, a common market and monetary union, he said.
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