H E Sheikh Abdullah bin Saud Al Thani

DOHA • There is no proposal to invite suggestions from GCC nationals to name the common Gulf currency which is set to be launched by the year 2010, The Peninsula has learnt.

The stage when the common currency is to be named would come much later as a lot of technical issues still remain to be sorted out.

A meeting of central bank governors from the region is slated to take place in Abu Dhabi tomorrow and it is most likely to discuss the formation of a Gulf Monetary Council. This council is to be entrusted with the task of eventually setting up the proposed GCC central bank and a monetary union.

A preliminary discussion on short-listing institutions from around the world with which contracts are to be inked to print the common currency after its launch, is also scheduled to take place at the Abu Dhabi conclave.

Qatar will be represented at the meet by H E Sheikh Abdullah bin Saud Al Thani, Governor of the central bank (the Qatar Central Bank or QCB).

The meet is also expected to discuss the legislative and procedural norms the European Union (EU) adopted to float a common currency, it is learnt. The EU experience may come in handy for the GCC states in their endevaour to have a unified currency.

The technical committee which has members from the central banks and ministries of finance from all the six GCC states will table its report at the Abu Dhabi meet. The panel meets twice a year.