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Riyadh to host planned Gulf central bank

Riyadh to host planned Gulf central bank
6 May
E-Media:
RIYADH— 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.
Attiyah also confirmed that the planned single currency will involve just five of the six GCC members after Oman announced in 2007 that it would not join the scheme.
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