GCC central bank to be based in Abu Dhabi

The GCC states have already agreed to base the new GCC central bank in Abu Dhabi, a report said.

The GCC monetary union is expected to be in place in 2010, when the common currency will also be launched, Sultan Bin Nasser Al Suwaidi, Governor of the UAE Central Bank, was quoted as saying in a Gulf News report.

He also said a future common GCC currency should not be pegged to the US dollar.

The UAE central bank said in a statement that Al-Suwaidi's remarks on the permanent venue of the GCC centra