KUWAIT CITY: Kuwait Parliament’s foreign relations committee on Tuesday approved the Gulf Cooperation Council (GCC) monetary union pact, the head of the committee said.
MP Marzouk Al-Ghanem told reporters the panel’s decision paves the way for the emirate’s Parliament to ratify the pact. Parliament starts its term in late October.
Kuwait was one of four GCC members which in June signed an accord to create a joint monetary union council, a prelude to establishing a Gulf central bank and launching a monetary union and single currency.
Saudi Arabia, Qatar and Bahrain also signed the pact, while the remaining two members, the United Arab Emirates (UAE) and Oman, did not sign. Oman withdrew from the monetary union saying it was not ready to meet the preconditions.
Kuwait is due to host the forthcoming GCC annual summit in December. The GCC states have set 2010 as the target to launch the monetary union and single currency, but many experts believe that target is too ambitious.