GMCThe Gulf Monetary Council has denied news reports that an announcement will be made regarding a common currency for the Gulf countries by the end of this month.

Kuwait News Agency (Kuna) reported that the council released a statement, “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 or reliable sources.”

The Gulf Monetary Council is responsible for setting down regulations for the common currency for the GCC countries once the Gulf Central Bank is established, reported Gulf News.

Earlier this week, various news reports had been published stating that a single currency for four of the GCC nations would be announced by the end of this year.