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Israeli foreign minister said Guterres' failure to call out Iran made him 'persona non grata'
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Gulf Single Currency may Take Four Years
DUBAI — Four Gulf Arab states that are planning monetary union won’t be able to introduce a single currency for at least four years, Banque Saudi Fransi said.
“We regard divergence of views among Gulf Cooperation Council states as a key factor holding back currency union,” John Sfakianakis, chief economist at Saudi Fransi, said in an e- mailed note on Monday. “Institutional capacity building is also a prerequisite which needs to be addressed.”
The six-member GCC agreed in 2001 to create a European Union-style shared currency which would help them to integrate their economies and pursue a monetary policy independent of the U.S. All the council’s members except Kuwait peg their currencies to
the dollar.
Oman pulled out of the project in 2007 and the United Arab Emirates withdrew earlier this year after the Saudi capital Riyadh was selected as the location for the future central bank.
When the new currency is created, it’s “likely to remain pegged to the dollar in the beginning,” Sfakianakis said. “The region is known more for its patience and long-term view than the simple vagaries of currency fluctuation.”
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