25/05/2009
Abdur-Rahman Al-Atiyyah, the Secretary General of the Gulf Cooperation Council, affirmed that there is no intention to delay the Gulf Monetary Union past 2010 and he hopes that all members of the GCC will participate in this strategic project.
In an interview with Al-Iqtisadiyyah newspaper marking the 28th anniversary of the founding of the GCC, Al-Atiyyah said, "The UAE is still very much a part of the GCC. His Royal Highness Sheikh Zayid ibn Sultan Aal-Nehyaan (May Allah have Mercy upon him) initiated the founding of the GCC and guided it along with his brothers. His son, Sheikh Khalifah ibn Zayid Aal-Nehyaan, followed in his footsteps providing unlimited support to the GCC."
He added, "Without a doubt, UAE's recent decision not to participate in the Gulf Monetary Union does not mean that it is leaving the GCC. We always depend on the participation of the UAE and therefore we do not expect any delay in the formation of the Gulf Monetary Union. Furthermore, we hope to have the blessing and participation of all of the GCC member states as soon as the reasons for any lack of participation are resolved."
Following is a timeline of selected events towards the creation of a Gulf Cooperation Council (GCC) single currency (REUTERS).
The six-member GCC includes Saudi Arabia, the United Arab Emirates, Kuwait, Qatar, Oman and Bahrain.
1982
Gulf states ratify an agreement "to coordinate their financial, monetary and banking policies ... including an endeavour to establish a joint currency".
2001
December - Gulf rulers agree to draw up legislation for monetary union by 2005 and launch a single currency by 2010. The states agree to peg their currencies to the dollar until achieving monetary union.
2002
January - Gulf agrees to reduce customs tariffs to 5 percent on all imported goods by Jan. 1, 2003 as part of customs union.
October - Gulf states say they are seeking advice from the European Central Bank on their monetary union programme.
December - Gulf rulers agree to complete a common market by the end of 2007.
2003
January - Kuwait re-pegs its dinar to the dollar from a basket of currencies in preparation for monetary union. April - UAE finance minister says a single Gulf currency is likely in 2007, three years ahead of schedule.
2004
August - Gulf states should agree on the name of the single currency, its specifications and the mechanisms to put it into circulation by 2007, the GCC General Secretariat says.
August - GCC Supreme Council is studying the possibility of setting up a common central bank by mid-2006, Secretariat says.
2005
May - Gulf states have made only "modest progress" toward the single currency, says Kuwait's central bank governor.
2006
February - Gulf states are expected to agree on a joint monetary council by the end of the year to help harmonise monetary and fiscal policies, says the GCC General Secretariat.
May - Kuwait allows dinar to rise by 1 percent.
September - UAE central bank governor says single currency should be free-floating by 2015.
November - Saudi central bank governor says there were "reservations" about the 2010 deadline but too early to modify.
December - Oman decides not to join monetary union by 2010 deadline, leaves door open for joining later.
2007
April - Saudi central bank governor calls 2010 deadline "very ambitious".
May - Kuwait drops dollar peg, dealing blow to union plan.
September - Gulf central bankers agree to develop separate policies to tackle inflation after failing to inject momentum into a plan for monetary union. The 2010 deadline would be "difficult" to meet, the Saudi central bank governor says.
December - Gulf Arab rulers try to close ranks on currency policy and remain committed to a 2010 target date for monetary union, urging states to get it back on track.
2008
February - Oman's central bank governor says Oman has decided not to join the monetary union indefinitely.
April - Gulf central bankers agree on fresh impetus for efforts to create a single currency and resist pressure to revalue their currencies unilaterally.
June - Gulf central bankers finalise the draft monetary union deal and plans to set up a monetary council that will form the first leg of a common central bank. Qatar's central bank governor says the 2010 deadline does not refer to the currency.
June - The Saudi central bank governor calls 2010 deadline "a big challenge" and says it will reconsider it in the autumn.
July - Bahrain central bank governor calls 2010 deadline "difficult" but says it is unlikely to be revised until 2009. August - UAE central bank says monetary union will be implemented in stages; the first two could be completed by 2010. The final stage --implementing similar laws in all Gulf states -- would be the "most difficult".
September - GCC deputy secretary-general says Gulf states are to decide on location of regional central bank this year.
November - UAE central bank governor says global financial crisis has made the monetary union more urgent.
November - Final monetary union draft says Gulf central bank will be independent from governments of member states.
December - Gulf Arab leaders sign monetary union deal and a charter for the monetary council. Kuwait says Gulf states have until Dec. 12 to enact the deals, but leaders fail to decide on the central bank's location, deferring the decision to mid-2009. The bloc says it will stick to the 2010 deadline.
2009
March - Bahrain central bank governor says Gulf must revisit 2010 deadline.
March - The 2010 deadline for single currency will be extended and a new timetable set once the Gulf monetary council starts operations, senior Gulf officials say, in the first official recognition that monetary union plans would be delayed.
May 5 - Gulf Arab leaders choose Saudi capital Riyadh as the base for a joint monetary council that will evolve into a Gulf central bank.
May 20 The United Arab Emirates withdraws from Gulf Arab plans for monetary union.
