A meeting held by Co-operation Council for the Arab States of the Gulf (GCC) central bank governors in the first week of April to discuss a planned monetary union ended with little achieved. As a result, many doubt that a single currency can be launched in Kuwait, Saudi Arabia, Oman, Qatar, Bahrain and the UAE by 2010 as the GCC envisaged.
The concept of a single currency emerged in the belief that it would lead to such benefits as greater intra-regional trade and investment, and the promotion and facilitation of flows.
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