Gulf Monetary Council responsible of establishing monetary union -- official

KUWAIT, Jan 17 (KUNA) -- An official in the Gulf Monetary Council said the council was responsible of taking all procedures to establish a monetary union and to determine when it will be launched.
Head of the council's integration and studies department Dr. Abdulaziz Owaishiq told reporters on Saturday, on the sidelines of the Arab Economic Summit, that the council will be run by governors of Gulf central banks and will be responsible of issuing the Gulf new currency.
The proposals of several Gulf countries to host the council show that everyone is keen on cooperating for the success of the currency, he said.
He pointed out that it was agreed that inflation rate in different countries should not be two percent more or less, adding that the world economic crisis will affect and decrease the inflation rate in the Gulf. (end) kt KUNA 171808 Jan 09NNNN