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When contacted by Khaleej Times here he hailed the decision of the just-concluded GCC summit ‘landmark development in the efforts to form the GCC Monetary Union’.
“With this decision we will step up our efforts to form the Monetary Union. We will try our best to achieve the goal of forming the union by 2010. We will increase the frequency of the meetings of the monetary committee of the GCC. At present we are meeting four to five times a year. May be we will increase it to
Replying to questions Mazroui said the GCC Monetary Council can be formally launched only after the individual member countries ratify the agreement arrived at in
“We have not fixed a time-table for the ratification of the agreement by the GCC member countries,’’ he said in reply to a question.
Asked whether the GCC countries will be able to sort out the issues like location of the proposed GCC Central Bank and unified monetary policies, he said, “I think it is possible to arrive at a consensus on such issues.’’ He however said it was for the proposed Monetary Council to decide what should be the exchange rate regime for the unified GCC currency.
· ramavarman@khaleejtimes.ae
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