A draft proposal for the unified GCC currency will be finalised soon, Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa told Shura Council members.

GCC central bank officials are expected to meet at the end of next month to decide the currency's name, its types and the way it will be introduced to the market and the mechanism of exchange, he said.

"Definite choices have been already prepared and unless other circumstances lead to any delay, this would mean that the unified GCC currency will not see any hurdles."

Shaikh Ahmed said that plans to introduce the unified GCC currency by January 2010 are going ahead, despite Oman's failure to fulfil certain criteria.

"The GCC countries were trying to bridge financial gaps between them to launch the currency on time, with member countries already agreeing on issues related to inflation and bank interest rates, and the budget surplus and deficit," said the minister. "Oman has told the GCC Summit in December that it can't fulfil the criteria on time, but member states have decided to go ahead so not to lose time, with Oman being included, whenever it is ready. If the deadline is changed, then member states will have to vote for this delay, but at the moment no one has asked for such a thing."

Shaikh Ahmed was responding to a question by council chairman Ali Al Saleh on whether the unified GCC currency was going to be launched on time.

Present was Central Bank of Bahrain Governor Rasheed Al Miraj, who explained the rates required for Bahrain to be ready to enter the GCC currency. -TradeArabia News Service