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