2001 News Story

GCC monetary agencies discuss common currency

The governors of the monetary agencies and central banks of the member states of the Gulf Cooperation Council (GCC) held their 31st meeting in Manama, Bahrain today, and discussed implementation of a decision to approve that GCC currencies be pegged to the United States dollar as a step towards their unification in accordance with economic agreements. The Council's Secretary-General Jameel Al-Hujeilan declared that this unification will bring many advantages in the movement of commodities and services, adding that the recent meeting in Bahrain of the Supreme GCC Council had directed that a timeframe be worked out for this.