ABU DHABI, Apr 3: Gulf Arab monetary chiefs will meet here next week or more discussions on aligning their currencies and delinking them from the US dollar after its sharp fall in the past year, reports AFP.

Officials sources in the United Arab Emirates (UAE) said the April 10 talks of Central bank governor of the six-nation Gulf Cooperation Council (GCC) would cover a proposed basket of currencies replace the dollar.

’GCC states are exerting intensive efforts to achieve this ambitious project, which is necessary for the economic integration," one source said.

We hope the next nfeetfng . will produce positive results."

GCC states— Saudi Arabia. Bahrain, Kuwait. Oman. Qatar and the UAE— have discussed aligning their currencies shw < they signed an eroniHiiU agreement in 1982 but h.m not made headway due to lh< big gap in the currencies arid opposition by some members to drop the dollar link. Only Irie Kuwaiti dinar is tied to a basket of currencies, but the US dollar has the Uon's share as it accounts for 40 per cent of the basket. The other GCC currencies are effectively lined to the US dollar although they are legally pegged al the Special Drawing Rights (SDR).