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UAE 'offers to host central bank of GCC'

posted on 04/09/2004: 602 views

The UAE has offered to host the central bank of the Gulf Cooperation Council as the six member states begin to structure the broad framework to launch a unified currency in 2010. The Gulf Cooperation Council (GCC) central bank is to be established in mid-2006 according to current schedules, and the UAE has thrown its hat in the ring. It is expected to present its offer at the GCC meeting to be held in Abu Dhabi in December.

A source at the GCC said only the UAE has formally offered to host the central bank, but he did not rule out other bids by the five other GCC members. The GCC authorities have studied two options – setting up a monetary coordinating authority linked to the secretariat, or assigning GCC member state' central banks to monitor the monetary policy.

The source confirmed the secretariat was most likely to go the GCC central bank route. Furthermore, a technical unit has been set up by the secretariat to study details of how such an entity can be established, he said.

Once the central bank is created, the Gulf regulatory banking authority will adopt a single monetary policy for all GCC states. The GCC central bank could be structured along the lines of the European Central Bank. There are still several requirements that must be met to enable GCC member states to issue their unified currency in 2010. (The Gulf News)


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