Central Banking

GCC governors back regional CB plans

Central bank governors in the gulf have taken a significant step towards monetary union, backing the creation of a regional central bank.

Governors from five of the six Gulf Cooperation Council (GCC) member states on Monday approved proposals that could see a regional monetary authority set up at some point before 2010.

Naser al-Kaud, the deputy assistant secretary-general, told Reuters, a news agency, that governors from Bahrain, Kuwait, Qatar, Saudi Arabia and the United Arab Emirates had

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