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GCC to discuss currency peg to basket: Kuwait

Kuwait City, November 17, 2009

Gulf countries will discuss an option to peg their planned single currency to a basket, Kuwait Foreign Minister Sheikh Mohammad Al-Salem Al-Sabah said on Tuesday.

"It is not necessary for the GCC currency to be linked to a certain currency. It could be one currency or a basket of currencies. And this will be discussed among the Gulf countries," Sheikh Mohammad told parliament.

Parliament delayed on Tuesday voting on monetary union to December 8 as MPs needed more time to assess economic implications of the project. Kuwait signed up for the union together with Saudi Arabia, Qatar and Bahrain. - Reuters




Tags: Kuwait | GCC | peg | single currency |

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