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Gulf row holds back single currency plan - Bahrain cenbank
October 26, 2017 / 10:46 AM / 2 months ago

Gulf row holds back single currency plan - Bahrain cenbank

RIYADH, Oct 26 (Reuters) - A row between Qatar and some other Gulf Arab states has paused progress to a single currency in the six-nation Gulf Cooperation Council (GCC), Bahrain’s central bank governor said on Thursday, adding he hoped work on the project would resume soon.

Governor Rasheed Mohammed al-Maraj, who was speaking at an investment conference in Riyadh, also said he was committed to Bahrain’s exchange rate peg to the U.S. dollar because it eliminated risks.

GCC states have been discussing creating a single currency for years but economists see it as a distant prospect. The United Arab Emirates has pulled out of the project.

Reporting by Stephen Kalin and Andrew Torchia; Editing by Edmund Blair

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