MONETARY UNION

Riyadh to host Gulf central bank

August 2010

GULF COUNTRIES moved a step closer to monetary union with a decision to base a planned future central bank in the Saudi capital Riyadh.

The six-member Gulf Co-operation Council decided at an informal summit in Saudi Arabia on 5 May that Riyadh would host a joint monetary council that will evolve into the Gulf central bank, GCC secretary general Abdurrahman al Attiyah said.

However, Al Attiyah said after the day-long summit that the group has pulled back from the target of creating a common currency by 2010.

“No timetable has yet been established for monetary union,” he said.

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