The United Arab Emirates sees no compromise possible now that would allow it to rejoin plans to create a Gulf monetary union, UAE central bank governor Sultan Nasser Al-Suweidi said on Monday.

'We have certain concerns with the GCC monetary union (and) we don't want to act as a stumbling block,' Al-Suweidi told reporters on the sidelines of a meeting of Arab central bank governors in Abu Dhabi. 'We don't see compromise at this point.'    

Gulf monetary union plans were thrown into disarray in May when the UAE, the second-largest Arab economy, broke ranks with Saudi Arabia, Kuwait, Qatar and Bahrain by withdrawing.

The UAE -- the second of six members of the Gulf Cooperation council (GCC) to pull out of the Gulf union after smaller Oman -- linked its decision to a choice to base a joint central bank in Saudi Arabia, by far the region's largest economy.

The remaining four countries have since reaffirmed their commitment to a planned single currency. -Reuters