Kuwait approves Gulf monetary union

15 September 2009

Countries still need to ratify Gulf Co-operation Council proposals

Kuwait’s parliament has approved the country’s entry into a monetary union with three of the five other Gulf states, according to state media reports on 15 September.

The parliament’s foreign affairs committee approved the Gulf Co-operation Council’s proposals for a single currency.

The decision brings the country a step closer to joining the union. Fears that parliamentarians would block the deal proved to be unfounded.

The union suffered a major setback in May 2009 when the UAE pulled out. Oman decided not to participate in 2006. And with only four countries left, some analysts speculated the union might not go ahead (MEED 22:5:09).

Qatar, Bahrain, Saudi Arabia and Kuwait need to ratify plans individually before adopting the single currency.

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications