Saudi to Host Planned Gulf Central Bank
May 6, 2009 by admin · Leave a Comment
Gulf countries moved a step closer to monetary union on Tuesday with a decision to base a planned future central bank in the Saudi capital Riyadh.
The six-member Gulf Cooperation Council decided at an informal summit in Saudi Arabia that Riyadh would host the region’s future banking authority, GCC Secretary General Abdurrahman al-Attiyah told a news conference.
However, Attiyah said after the day-long summit that the group has pulled back from the target of creating a common currency by 2010. Read more about the Gulf central bank…
