Kuwaiti finance minister: GCC monetary union pact goes into effect during summit
2009-12-15 10:50:03 GMT2009-12-15 18:50:03 (Beijing Time) Xinhua English KUWAIT CITY, Dec.15 (Xinhua) -- Kuwaiti finance minister said Tuesday the Gulf Cooperation Council (GCC) monetary union pact has gone into effect during the current 30th GCC leaders' summit in Kuwait City.
Mustafa Al-Shamali said under the agreement, central bank governors of the bloc would hammer out the timetable for the establishment of a central bank that will be responsible for issue a unified currency.
Founded in 1981, the GCC groups Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
As of now, four member states, including Saudi Arabia, Bahrain, Qatar and Kuwait have ratified the monetary union agreement.
KUWAIT CITY, Dec. 14 (Xinhua) -- Kuwait called on member countries of the Gulf Cooperation Council (GCC) on Monday to adopt open air policy as measures to boost commercial flights in the world's largest exporting region.
The GCC countries have made achievements in the development of their civil aviation sector, Director General of Kuwait's civil aviation authority Fawaz Al-Farah said. Full story
KUWAIT CITY, Dec. 14 (Xinhua) -- Leaders of the six-member Gulf Cooperation Council (GCC) on Monday started their 30th summit in Kuwait City to discuss economy and regional hot-spot issues.
Addressing the opening session, Kuwaiti Emir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah said the summit was held amid crucial challenges at the security, economic and political fronts, adding the launch of the electricity linkage and approval of the long-expected monetary union would push forward the bloc's economic integration process.
2009-12-15 10:50:03 GMT2009-12-15 18:50:03 (Beijing Time) Xinhua English KUWAIT CITY, Dec.15 (Xinhua) -- Kuwaiti finance minister said Tuesday the Gulf Cooperation Council (GCC) monetary union pact has gone into effect during the current 30th GCC leaders' summit in Kuwait City.
Mustafa Al-Shamali said under the agreement, central bank governors of the bloc would hammer out the timetable for the establishment of a central bank that will be responsible for issue a unified currency.
Founded in 1981, the GCC groups Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
As of now, four member states, including Saudi Arabia, Bahrain, Qatar and Kuwait have ratified the monetary union agreement.
KUWAIT CITY, Dec. 14 (Xinhua) -- Kuwait called on member countries of the Gulf Cooperation Council (GCC) on Monday to adopt open air policy as measures to boost commercial flights in the world's largest exporting region.
The GCC countries have made achievements in the development of their civil aviation sector, Director General of Kuwait's civil aviation authority Fawaz Al-Farah said. Full story
KUWAIT CITY, Dec. 14 (Xinhua) -- Leaders of the six-member Gulf Cooperation Council (GCC) on Monday started their 30th summit in Kuwait City to discuss economy and regional hot-spot issues.
Addressing the opening session, Kuwaiti Emir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah said the summit was held amid crucial challenges at the security, economic and political fronts, adding the launch of the electricity linkage and approval of the long-expected monetary union would push forward the bloc's economic integration process.