UAE refused to enter monetary union in the Gulf.

United Arab Emirates have refused to join the Monetary Union of the Gulf States, reports AFP referring to not named a representative of the MFA of the country. At the same time, the UAE Central Bank Governor Sultan al-Suwaidi said that his country will keep tying the national currency - dirhams - the U.S. dollar.
Statement by Foreign Minister Emirates followed after the informal meeting held on 5 May, it was decided that a bank regulator is a single financial system, the Gulf countries will be in Riyadh, the capital of Saudi Arabia. Meanwhile, the UAE in 2004 to offer to adopt a common central bank in Abu Dhabi.
As Secretary General of the Monetary Union Abdurrahman al-Attiyah, a meeting in Riyadh was the first step in establishing a monetary council, which will ensure the transition to a single currency. Previously, sounded plans to establish a currency by the year 2010 have been postponed.
In the Cooperation Council for the Arab States of the Gulf (GCC), in which to create a monetary union, are the UAE, Saudi Arabia, Kuwait, Oman, Bahrain and Qatar. This group of countries has the largest oil reserves in the world. Citizens of these countries a total of 36 million people.