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Cooperation Council for the Arab States of the Gulf signed agreement on uniform currency

08.06.2009, 11:47 205

Almaty. June 8. Kazakhstan Today - Four member countries of the Cooperation Council for the Arab States of the Gulf (CCASG) - Saudi Arabia, Bahrain, Kuwait and Qatar signed the agreement on uniform currency, the agency reports citing RIA RosBusinessConsulting (RBC).

"The document aims at creation of the currency union, which will supervise observance of the agreement, including positions on creation of the Central Bank of the Persian Gulf. The union is expected to be created till the end of 2009 in Riyadh," RBC informs.

According to RBC, earlier, two participants of Cooperation Council of the Arabian states of the Persian Gulf had refused to participate in creation of uniform currency - Oman and the United Arab Emirates.

"The Gulf States agreed on location of the Central Bank of the created currency union of Saudi Arabia, the United Arab Emirates, Kuwait, Bahrain and Qatar on May 12th, 2009."

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