Oman not ready for single currency

Oman has confirmed it will not be joining the GCC currency union by 2010. The move presents a big setback for the proposed Gulf single currency.

The other five GCC states could extend the 2010 deadline if they face more obstacles, Saudi Finance Minister Ibrahim al-Assaf said on Sunday.

Oman will not be ready for currency union in time, al-Assaf said, confirming a comment by an official from the Gulf Co-operation Council (GCC), a regional political and economic bloc, to Reuters on Saturday.


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