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Inflation poses threat to Gulf monetary union
- Middle East: Tuesday, August 19 - 2008 at 14:19
Nasser Saidi, chief economist at the Dubai International Financial Centre, has issued a new report saying that lowering inflation should be the top priority for Gulf Cooperation Council states if they are to complete monetary union by 2010, reported Bloomberg. The Gulf states meet all six criteria for monetary union except for inflation, which must be within 2 percentage points of the average of the six GCC states. Inflation in the UAE and Qatar was higher than allowed in 2007.
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Jeff Florian, Senior ReporterTuesday, August 19 - 2008 at 14:19 UAE local time (GMT+4)
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