UAE | General
GCC summit to stick to 2010 currency deadline
There have been speculations the deadline would be extended five year after Oman and the UAE said that were not ready to join the single currency pact.
- By Mohammed Almezel, Deputy Managing Editor
- Published: 08:57 December 4, 2007
Doha: The summit will stick to the originally set 2010 deadline to issue a unified Gulf currency, a senior Gulf official told Gulf News on Monday.
"There will be no new deadline but an affirmation of the original deadline," in the final communiqué to be issued on Tuesday, the official said on condition of anonymity.
There have been speculations the deadline would be extended five year after Oman and the UAE said that were not ready to join the single currency pact.
"We still have two years to go where states can gear up to it. Otherwise the unified currency agreement can be launched by those who are ready. Others can join later," the official said, pointing out that the Euro was introduced in a similar two-speed mechanism.
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