Hamood Sangour Al Zadjali, Executive President of the Central Bank of Oman, said that creation of a single currency of the Persian Gulf is inevitable – it is just a matter of time, Reuters reported.
Oman officials have not made any comments on this issue yet. It is still unclear if this statement can be considered as a start of the new project.
Many local bankers anonymously pointed out that introduction of a single currency is unlikely any time soon, considering technical complexity and low oil prices.
At the end of 2007 the leaders of the Gulf Cooperation Council announced their intention to introduce a single currency by 2010.
In 2010, the Gulf Cooperation Council, bearing in mind problems that euro had faced at that time, decided to postpone introduction of a single currency.
Back in early 1980’s Bahrein, Qatar, Kuwait, the UAE, Oman, and Saudi Arabia declared their intent to create a currency union. Moreover, four of these countries – Qatar, Saudi Arabia, Kuwait, and Bahrein – even created the Monetary Council.
