Business | Economy

We 'are not in a position to join monetary union and have not set any timeframe'

Ahmad Bin Abdul-nabi Macki, Oman's Minister of National Economy and Supervisor of the Fin-ance Ministry, has yesterday confirmed that Oman has expressed its inability to join the Gulf Cooperation Council's (GCC) monetary union by 2010.

  • By Sunil K. Vaidya, Bureau Chief
  • Published: 00:00 December 12, 2006
  • Gulf News

Muscat: Ahmad Bin Abdul-nabi Macki, Oman's Minister of National Economy and Supervisor of the Fin-ance Ministry, has yesterday confirmed that Oman has expressed its inability to join the Gulf Cooperation Council's (GCC) monetary union by 2010.

"Yes, we are not in a position to join the GCC monetary union by 2010 and we have informed the other five GCC member states," Macki told Gulf News yesterday on the sidelines of signing ceremony of the Birka II Independent Power and Water Project and privatisation of Rusayl Power Company at the Al Bustan Palace Hotel.

He ruled out any derailment of the proposal. "I don't think our pulling out would derail the plan, I don't think the others would start pulling out," he said.

Macki said that Oman had no problems with the other member states going ahead with the unification of monetary union.

"We have informed our brothers (five other GCC member states) that they can go ahead with the single currency proposal if they wish so," he said, adding that Oman was not blocking any member.

He also added that Oman had not taken any stand on when to join the others in the unification.

"We have not set any timeframe for ourselves," Macki said.

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