GCC finance ministers approve proposals for a monetary council

September 18, 2008

Gulf Cooperation Council (GCC) finance and economy ministers have approved proposals to establish a monetary council and a draft charter for a monetary union.

 

The ministers took the decision at their 77th joint meeting in Jeddah yesterday. The Saudi delegation was led by Minister of Finance Dr. Ibrahim Al-Assaf. IMF Director General Dominique Strauss-Kahn also attended the meeting.

GCC governors of central banks and monetary agencies also met yesterday in Jeddah to discuss a number of issues, including efforts to establish a single currency.

Central bank governors agreed in principle to a GCC monetary council in 2006. The council would serve as a forerunner for a GCC central bank, which would issue the single currency.

Established in 1981, the GCC consists of Saudi Arabia, Qatar, Bahrain, Oman, Kuwait and the United Arab Emirates. It is headquartered in Riyadh.