Kuwait restores support for Gulf currency in January
Kuwait strongly backs the launch of the Gulf monetary union and single currency on time in January 2010, the undersecretary of the finance ministry said on Monday, a day after the ministry demanded a delay.
"Kuwait strongly supports the Gulf monetary union and the launch of single currency as scheduled next January," Khalifa Hamada said in a statement cited by the official KUNA news agency.
"Kuwait is keen to cooperate with its partners in the Gulf Cooperation Council (GCC) at all levels to speed up the completion of all issues related to launching the single currency on its target date in January 2010."
On Sunday, a statement by the finance ministry carried by KUNA called for a delay in the 2010 launch date to allow committees and concerned parties to complete unfinished technical issues.
Kuwait was one of four Gulf states to sign a pact in June to create a joint monetary union council and launch the monetary union and single currency with Saudi Arabia, Qatar and Bahrain the other signatories.