Kuwaiti Finance Minister Mustafa Al-Shimali announced here on Tuesday that the GCC Monetary Union agreement has gone into effect during the current 30th session of the GCC summit now in progress in Kuwait city following its ratification by the Council"s Four states, KUNA reported. Speaking to KUNA, Al-Shimali said that according to this agreement, GCC Central Bank Governors would chalk out the time-table for the establishment of a Central Bank for the GCC states ahead of reaching a unified GCC currency. The Council"s Four member states including Saudi Arabia, Bahrain, Qatar and Kuwait have ratified the GCC Monetary Union agreement. He expressed hope that the United Arab Emirates and Oman would soon join the four member states by ratifying this agreement. --SPA
