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Basel, Switzerland: Gulf Arab states are still working to introduce a single currency by 2010 but this deadline has become tight and a delay is possible, Saudi Arabia's central bank governor said.
Speaking to Reuters, Hamad Saud Al Sayyari also said all options are open on what type of single currency the Gulf Corporation Council (GCC) will have and possibilities include one with a peg to the dollar or a currency basket.
The timeframe for introducing the GCC single currency looked uncertain after Oman, one of the six members, said in December it was pulling out of the 2010 deadline.
"We have to review the situation every time we meet. If we have to change our schedule, we will announce it. Things are working with the original target although it has become tight. We are working on the assumption that things will go forward on schedule," Al Sayyari said.
When asked if the GCC was delaying the deadline, Al Sayyari said: "It's a possibility ... I prefer to proceed on schedule."
Not ready
On Oman, Al Sayyari said: "Yes we want them back ... We are in the process of discussing. They said they are not ready at the current stage. But that doesn't mean they left completely.
"Maybe, if things go on schedule, they join us later. They said they are not ready at the current stage. For the GCC it's important to have all of them in."
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