Central Banking

Saudi governor confirms GCC currency plan changes

The Gulf Cooperation Council (GCC) looks set to drop its 2010 target for monetary union after the governor of the Saudi Arabian central bank said that it would take longer than two years to establish a common currency.

Reuters, a media agency, reported that Sheikh Hamad Saud Al-Sayari, the governor of the Saudi Arabian Monetary Agency, told Al Arabiya, a regional television station, on Tuesday that 2010 was too soon given the current high level of inflation and rampant economic growth in seve

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