Arab central bank governors at the meeting in
Abu Dhabi yesterday.
Pullout was not to block currency union
Tuesday, September 29, 2009
The UAE said yesterday it pulled out of a planned Gulf monetary union early this year because it did not want to block the implementation of the project over a row on the location of the regional central bank.
The UAE said yesterday it pulled out of a planned Gulf monetary union early this year because it did not want to block the implementation of the project over a row on the location of the regional central bank.
Central Bank Governor Sultan bin Nasser Al Suwaidi said there were no discussions on a possible UAE return to the landmark currency union, which could be launched in 2010 by four Gulf Co-operation Council (GCC) nations.
"We have given the opportunity to our brothers in the other GCC countries to go ahead with the monetary union because we have certain concerns in issues relating to this union," Suwaidi told reporters in Abu Dhabi."So we don't want to act as a stumbling block in this project… we are not discussing this issue at present.
As I have said, it is not a matter of a compromise but it is that of a brother who decides to stay behind to let his other brothers go ahead and finish the work. We took this move to let our brothers [in the GCC] to achieve the monetary union as fast as possible."Saudi Arabia, Kuwait, Qatar and Bahrain are pushing ahead with plans to launch the Middle East's first currency union despite the withdrawal of the UAE this year and Oman two years ago.
