Creation of single currency of OIC member countries is not real

Business Materials 2 March 2012 17:39 (UTC +04:00)

Azerbaijan, Baku, March 2 /Trend A.Taghiyeva/

Creation of a common currency of the Organization of Islamic Cooperation (OIC) is not feasible at this stage, Iraqi Minister of State for Provincial Affairs Torhan al-Mufti told Trend.

Torhan al-Mufti participates at the third forum of "think tank" of OIC member countries on "Change and Transformation in the OIC." in Baku.

"Creation of a single currency, first of all, provides unity of purposes and strategy in these economies. It is not feasible at the moment, as the Middle East is going through an unstable period," Torhan al-Mufti said.

Al-Mufti also noted that the creation of the single currency of the Islamic countries could contribute to the growth of trade between these countries and, accordingly, to strengthen the economic stability.

The creation of the single currency of the Cooperation Council of Arab Gulf states was also suggested earlier.

It was planned that 6 countries of the Cooperation Council of Arab Gulf states will transfer to a single currency until the end of 2010. The organization includes Bahrain, Qatar, Kuwait, UAE, Oman and Saudi Arabia. However UAE refused to introduce a single currency in middle 2009, and Oman announced about the withdrawal from the Monetary Union earlier.

Monetary union of the organization entered into force in December 2009, one of objectives of which is to introduce a single currency in the future. By some estimates, this event may be postponed until at least 2015.

Forum will continue to work within two days.

The Organization of Islamic Cooperation (formerly the Organization of Islamic Conference) established in 1969, includes 62 countries, 57 of which are full members and five countries have observer status.