GCC says no plan for a common central bank

A report quoting the governor of the central bank of the UAE said the Gulf states do not intend to have a common central bank, but are going ahead with the monetary union project.

Sultan bin Naser Al Suweidi, in a Gulf News report, said the GCC is currently involved in discussions on the timetable of the monetary project but have yet to agree on the name of the joint currency.

The monetary union project is progressing and will be achieved on time, he said. Alignment of monetary systems and an a