Oman opts out of GCC single currency

Oman's central bank governor has says the country has no plans to join the proposed GCC single currency and will not revalue its currency.

Oman's decision to opt out of monetary union is significant, not so much in the act itself, but in the comments it drew from GCC finance ministers, particularly the Saudi minister, Ibrahim al-Assaf. Monetary union can still theoretically proceed without Oman, and the other five states have restated their commitment to meeting the timetable. However, Saudi Arabia, the single most important actor, in economic terms at least, has voiced concerns about the likelihood of the 2010 deadline being met, saying that the project 'is very ambitious'. This suggests to us that the timetable is probably going to be extended, as