Saudi Monetary Institution again refers to the difficulty of adopting unified Gulf currency in 2010

AL Sayary said on the sidelines of a meeting of IMF governors institutions and central banks in the Gulf Cooperation Council that the "exceptional economic developments taking place in the Gulf States at the present time makes fulfill the timetable for the issuance of the previous Gulf unified currency on schedule in 2010 difficult."

However, the AL Sayary emphasized that a decision to postpone the adoption of unified Gulf currency and financial institutions in the GCC countries are still striving to achieve this goal on schedule.

He said in this context, "In spite of these difficulties, there was agreement among all the Gulf Cooperation Council states on the importance of issuing currency in the Gulf time (..) and the technical committees continued to work in accordance with the schedule previously."

He considered that "it is premature to talk about postponing the date of issuance of currency AAA Standard."

The AL Sayary said during a conference held in the Gulf banks in May in Kuwait that the timetable for the adoption of monetary union and common currency "narrow and needs to extraordinary efforts to achieve it."

The Gulf leaders had taken a decision to adopt the single currency in 2010 and identified a number of financial criteria necessary They also decided to link all Gulf currencies, the dollar prelude.

However, the project shaken when the Sultanate of Oman announced that it will not be able to ride the train unified currency in 2010 to go back and say at a later stage it may abandon completely the idea of joining the project.

Increased speculation about the inability of the Gulf Cooperation Council states to adopt the common currency according to schedule after the announcement of Kuwait last May disengagement dinar dollar linked to a basket of currencies, although they stressed that the disengagement dinar dollar does not mean the withdrawal of the draft unified currency.