UAE to host AGCC central bank

The United Arab Emirates (UAE) will be home to the central bank of the six states in the Gulf Cooperation Council (AGCC) which are working to set up a monetary union next year, the Kuwaiti finance minister said on Sunday 24 October, according to AFP.

Finance ministers of the AGCC bloc who met in Saudi Arabia on Saturday welcomed the development, Mahmud Al Nuri told the official Kuna news agency on his return to Kuwait City, AFP said.

The AGCC comprises Bahrain, Kuwait, Oman, Qatar, Saudi Arabia