GCC set 2013 date for single currency
Officials from the Gulf Cooperation Council have set 2013 as the new deadline for the region’s common currency, according to Standard Chartered, quoting local media reports. The initial deadline for the project was 2010, but progress has been slow and complex, with both Oman and the UAE pulling out of the union. Despite this, Bahrain, Kuwait, Qatar and Saudi Arabia have decided to go ahead. But Stan Chart says that even if goes ahead, excluding the UAE means excluding the region’s second largest and most diversified economy.