The UAE is unlikely to return to the planned GCC monetary union, the Central Bank Governor Sultan al Suwaidi said yesterday.
He said he did not see a compromise deal that would allow the country to rejoin proposals for the formation of a single currency for the GCC.
"We have certain concerns, certain issues, with the GCC monetary union so therefore we don't want to act as a stumbling block to this," Mr al Suwaidi said while attending the annual meeting of the Council of Governors of Arab Central Banks and Monetary Agencies in Abu Dhabi.
On May 20, the UAE became the second country in the six-member GCC to pull out of the planned monetary union following the withdrawal of Oman two years ago.
Its withdrawal was a significant setback and followed the decision to base a future regional central bank in Saudi Arabia's capital Riyadh.
Mr al Suwaidi said it was not the "right time" for the UAE to re-enter the plans.
"It's not a matter of compromise," he said. "It is just a brother who decides to stay behind and let his other brothers go ahead and achieve the union as fast as possible."
Next year had been agreed as a target date to launch the monetary union. On Sunday, however, Kuwait's central bank governor, Sheikh Salem Abdulaziz al Saba, said the union should be implemented in phases.
Sheikh Salem said the administrative plan should focus on the institutional requirements of the union including financial, trade, statistical and common market policies. He also said printing banknotes for the new currency would take three years.
The GCC states have agreed on a number of monetary union requirements but failed to reach consensus on others.
tarnold@thenational.ae
Tips for newlyweds to better manage finances
All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.
Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.
Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.
Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.
Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.
Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.
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How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Honeymoonish
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