Middle East Economic Survey


No 51-52



Four Countries Launch GCC Monetary Union

The Gulf Cooperation Council (GCC) monetary union formally came into effect at the 30th GCC Summit held in Kuwait on 14-15 December with the endorsement by four member countries Bahrain, Kuwait, Qatar and Saudi Arabia of the monetary union agreement which was signed in June (MEES, 15 June). The two other GCC countries Oman and the UAE had decided to stay out of the agreement. Oman...