Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Bahrain’s Al-Maraj Says Gulf States Committed to Currency Plans

July 4 (Bloomberg) -- Bahraini Central Bank Governor Rasheed al-Maraj said the four Persian Gulf states planning a single currency are committed to their goal and are monitoring developments in the euro region.

“We are learning from what is happening in Europe,” al-Maraj said in an interview in Aix-en-Provence, France. “We keep our commitment. I am sure the four countries have the same views.”

Saudi Arabia, Kuwait, Qatar and Bahrain took an initial step toward a single currency on March 30 when their central bank governors held the first meeting of the Monetary Council, a precursor to a united central bank. Kuwait’s dinar is pegged to a basket of currencies while the other three countries have a dollar peg. The United Arab Emirates and Oman have pulled out of the project.

Al-Maraj said the Gulf states are watching the euro zone’s decisions on “public debt and the fiscal policies.”

Bahrain’s currency will remain pegged to the dollar, he said.

“I think we are not going to change our foreign exchange policy on this short term volatility,” he said. “Currency markets always become very volatile from time to time.”

To contact the reporter on this story: Mark Deen in Aix-en-Provence at markdeen@bloomberg.net; Helene Fouquet in Aix-en-Provence at hfouquet1@bloomberg.net.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.