Saudi to Host Planned Gulf Central Bank

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 [...]

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 [...]