bumped ~SUNDAY, 11 OCTOBER 2009
New GCC Currency - A Sneak Peek
http://www.alaan.cc/pagedetails.asp?cid=37&nid=39838
Confirmed Kuwait's support for a single currency
The Ministry of Finance requesting a deadline for completion, while the technical files called on the Kuwaiti Ministry of Finance today to reconsider the date of issuance of the unified Gulf currency until the end of commissions and relevant technical files for this project confirmed support of the State of Kuwait for the single currency project.
The ministry said in a press statement that the decision of the Supreme Council for the Cooperation Council for Gulf Arab countries in its 22 in December 2001 adopted the timetable for monetary union to operate the Gulf single currency on January 2010.
She added that the Council of Ministers adopted the Convention a few days before the Gulf Organization for GCC single currency project and referred to the National Assembly was discussed in the Foreign Affairs Committee of the Council explained that the Convention adopted by the Ministers of Foreign Affairs of Saudi Arabia, Qatar, Bahrain and Kuwait after the withdrawal of Oman and the Emirates of this project.
And reviewed the benefits of implementing a single currency for member countries, such as strengthening the purchasing power is going to be the currency and strengthening the negotiating position of the Gulf with organizations and international economic blocs and countries of the region.
The Gulf Organization that the agreements for the project's monetary union, adopted over the past years, the economic convergence criteria related to financial and monetary stability in the GCC countries, which include inflation and interest rates and the adequacy of reserves, the monetary authority in foreign currency.
The statement added that the conventions themselves identified the fiscal convergence criteria of the GCC was to study the proportion of the annual deficit for the financial-governmental organizations and the public debt ratio to the GDP which is required for the success of monetary union as a prelude to the single currency on time.
She explained that the relevant committees and led by the Committee of Governors of Monetary Agencies and Central Banks and the Committee on GCC monetary union has to consider all matters relating to issue the single currency, including the GCC Monetary Union Conventions and the Convention on the Statute of the Monetary Council's desire in the speed of this achievement.
To see pictures of the proposed currency see the link below: -
- http://www.alaan.cc/pagedetails.asp?cid=37&nid=39838
http://www.alaan.cc/pagedetails.asp?nid=40243&cid=37
New GCC Currency - A Sneak Peek
http://www.alaan.cc/pagedetails.asp?cid=37&nid=39838
Confirmed Kuwait's support for a single currency
The Ministry of Finance requesting a deadline for completion, while the technical files called on the Kuwaiti Ministry of Finance today to reconsider the date of issuance of the unified Gulf currency until the end of commissions and relevant technical files for this project confirmed support of the State of Kuwait for the single currency project.
The ministry said in a press statement that the decision of the Supreme Council for the Cooperation Council for Gulf Arab countries in its 22 in December 2001 adopted the timetable for monetary union to operate the Gulf single currency on January 2010.
She added that the Council of Ministers adopted the Convention a few days before the Gulf Organization for GCC single currency project and referred to the National Assembly was discussed in the Foreign Affairs Committee of the Council explained that the Convention adopted by the Ministers of Foreign Affairs of Saudi Arabia, Qatar, Bahrain and Kuwait after the withdrawal of Oman and the Emirates of this project.
And reviewed the benefits of implementing a single currency for member countries, such as strengthening the purchasing power is going to be the currency and strengthening the negotiating position of the Gulf with organizations and international economic blocs and countries of the region.
The Gulf Organization that the agreements for the project's monetary union, adopted over the past years, the economic convergence criteria related to financial and monetary stability in the GCC countries, which include inflation and interest rates and the adequacy of reserves, the monetary authority in foreign currency.
The statement added that the conventions themselves identified the fiscal convergence criteria of the GCC was to study the proportion of the annual deficit for the financial-governmental organizations and the public debt ratio to the GDP which is required for the success of monetary union as a prelude to the single currency on time.
She explained that the relevant committees and led by the Committee of Governors of Monetary Agencies and Central Banks and the Committee on GCC monetary union has to consider all matters relating to issue the single currency, including the GCC Monetary Union Conventions and the Convention on the Statute of the Monetary Council's desire in the speed of this achievement.
To see pictures of the proposed currency see the link below: -
- http://www.alaan.cc/pagedetails.asp?cid=37&nid=39838
http://www.alaan.cc/pagedetails.asp?nid=40243&cid=37
