Committee to hold meeting on common GCC currency

Committee to hold meeting on common GCC currency
DOHA, Sept 5, (KUNA): The technical committee of the Gulf Monetary Union is due to hold its 25th meeting in Doha next Sunday to discuss the issue of GCC single currency, it was officially reported. The committee, during its two-day meeting, is scheduled to discuss drafting regulations for the authority that would be assigned to issue the common current for the member states of the Gulf Cooperation Council. The special authority will be also tasked with working out various mechanisms of the process, such as the ways of ciruculating the single currency, setting the rate for the currency in addition to various other supervisary tasks. The authority that has been picked for the task is the GCC committee for supervision on the banking systems. The GCC secretariat general anticipates that various procedures for the issuance of the single currency will be finalized this year. A GCC central bank is due to established at least six months before the issuance of the common currency.