Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

World

Kuwait wants delay in currency launch

KUWAIT CITY, Oct 12 – Kuwait, one of four Gulf states to sign a pact to launch a monetary union and single currency, on Sunday called for a delay in the 2010 launch date, citing incomplete preparations.

"The ministry of finance calls for revising the target date for launching the Gulf single currency until all committees and concerned parties have completed technical issues," the ministry said in a statement cited by the KUNA news agency.

The ministry, however, still expressed the support of the state of Kuwait for the project.

Kuwait, Saudi Arabia, Qatar and Bahrain 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.

The remaining two members of the Gulf Cooperation Council (GCC), the United Arab Emirates (UAE) and Oman, did not sign after deciding to withdraw from the project.

The UAE was upset at the selection of the Saudi capital Riyadh to host the future GCC central bank, while 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 which is expected to take a decision on the single currency.

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 and unrealistic.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...