Gulf Arab states move closer to single currency

KUWAIT CITY: Kuwait's finance minister says a monetary pact between Gulf Arab nations has gone into effect — a move that brings the nations closer to the so-far elusive goal of a unified currency.

The official KUNA news agency quoted Mustafa al-Shimali as saying Tuesday that central bank governors from the six Gulf Cooperation Council countries would set a timetable to set up a regional central bank with an ultimate aim of setting up a unified Gulf currency.

The development came as leaders of Saudi Arabia, Kuwait, Bahrain, Qatar, Oman and the United Arab Emirates were poised to wrap up a two-day summit in Kuwait.

GCC nations have been working toward greater integration, but the plan for a unified currency suffered a blow when the UAE and Oman said they would not join.