Central banks 'must cede powers for GCC currency'

On Wednesday 13 October, Kuwait urged GCC states to be ready to cede some of the powers of their central banks to a unified institution to ensure the success of a planned common currency for the region.

"We must stress that some of the measures that must be taken in fact mean giving up some national sovereign powers," Kuwait central bank governor Shaikh Salem Abdul-Aziz Al Sabah told a meeting of GCC chief central bankers.

"And in this regard, the importance has been highlighted for the

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