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Proposed GCC currency name ‘too general’

Manama, December 16, 2009

A proposal to name the new GCC common currency Khaleeji has been turned down, it has emerged.

Finance Ministry resources and information assistant under-secretary Ismail Al Marhoon said the name had been suggested ever since the common currency was mooted, but it was felt it was “too general”.

He was addressing a Press conference to launch a commemorative medal to mark the 10th anniversary of His Majesty’s accession to the throne, at the ministry in Diplomatic Area.

He said it was felt the term ‘Khaleeji’ was used for anyone from the Gulf and the name would be inappropriate for a currency expected to become over time the second most
important monetary union in the world after the Euro.

“A new name is being thought of and there are suggestions on what it is going to be called.

“The name will apparently be finalised once discussions are over.”

He said it was still not clear whether Oman and the UAE would join the proposed union but everyone hoped they would.

The GCC Summit agenda includes plans to push ahead with a monetary union to pave the way for a common currency like the euro.

The plans, in the works for years, suffered a blow when the UAE, the region’s second largest economy, said in May it was backing out. Oman also said it was not joining.

Kuwaiti Foreign Under-Secretary Khaled Al Jarallah was earlier quoted as saying that “an agreement on the time-frame to realise the common Gulf currency was reached” during a GCC foreign ministers’ meeting.

Officials had said they aimed to launch the unified currency by 2010.-TradeArabia News Service




Tags: GCC | monetary union | common currency |

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