Four Gulf States Vie for Location of New Regional Central Bank

May 4 (Bloomberg) — Gulf leaders are planning to choose the location of a central bank for a single regional currency tomorrow, a show of political will that would boost confidence in the project after member states dropped a 2010 deadline for monetary union.

The heads of state meet in Riyadh and four of the five countries that are planning to adopt the common currency, Saudi Arabia, the United Arab Emirates, Qatar and Bahrain, are lobbying to host the bank, which would set monetary policy for the region. Central bank governors failed to agree on the location of the bank at a meeting last month. Read more about the Gulf central bank…