UAE's Al Suwaidi says GCC on target

UAE Central Bank Governor, Sultan bin Nasser Al Suwaidi, said Thursday 26 April the Gulf Cooperation Council (GCC) should meet its 2010 deadline for monetary union.

"There is no delay to forming a currency union," he told reporters on the sidelines of an Islamic Banking Conference held in Dubai.

Al Suwaidi also ruled out any revaluation of the UAE currency, the dirham. "For the time being, it is a dead issue," he said.

He also confirmed that Kuwait has pledged to keep its currency trade band wi