The Gulf Monetary Council has denied media reports that it had set a date to launch a common currency by the end of the year.
"The Monetary Council affirms that the reports by some newspapers and websites over the date of the issuing of the single Gulf currency are completely false, not based on accurate information nor reliable sources," the council said in a statement carried in Kuwait news agency KUNA.
Earlier this week, reports suggested four members of the Gulf Cooperation Council (GCC) - Saudi Arabia, Kuwait, Qatar and Bahrain - would announce a single currency linked to the dollar by the end of the year.
The GCC has been discussing a common currency for more than 15 years, with the proposal gaining traction following a successful implementation of the Euro in the early 2000s.
However, Oman opted out of the plan in 2006 and the UAE pulled out in 2009.
The Monetary Council is mandated with placing regulations for the establishment of the Gulf Central Bank and completing the Read More »from GCC common currency reports 'false'