Uncertainty surrounds Gulf monetary union

In the last week Kuwait and Oman have opted expand the range of currencies they peg their exchange rates to. These developments cast doubts over the gulf region's ability to meet its 2010 deadline for a monetary union.

Oman's central bank governor, Homud Al Zidjali, said on 23 May that the country had decided not to take part in union and surrender its monetary policy independence in favour of a common Gulf currency.

"Our decision is not to participate in the Gulf monetary union because we do n

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