GCC to pick home for regional central bank

Gulf states involved in plans to create a regional central banking hub are to choose a location for the institution next week.
Gulf states involved in plans to create a regional central banking hub are to choose a location for the institution next week.

Naser Al-Kaud, the deputy assistant secretary general at the Gulf Cooperation Council (GCC), told Gulf Daily News, a Bahrain newspaper, that central bank governors from five of the six GCC members would pick a location for a regional central bank when they meet on 15 September in Jeddah, Saudi Arabia.

Al-Kaud said the governors could also speed up the process - the ultimate goal of which is a single currency for the region - by readying a draft monetary union agreement to pass to finance ministers when they come to Jeddah on the 17th.

Governors from Bahrain, Kuwait, Qatar, Saudi Arabia and the United Arab Emirates are due to meet next week after approving proposals to see a regional monetary authority to be set up at some point before 2010 in June.

The six GCC governors agreed to form a monetary union in 2001. However, Oman pulled out in 2006.

  • LinkedIn  
  • Save this article
  • Print this page  

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact [email protected] to find out more.

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: