Saudi Central Bank to head new Gulf monetary union
3/30/2010, 7:39 a.m. EDT
The Associated Press
(AP) — CAIRO - The head of Saudi Arabia's central bank will be the first chairman of a monetary council that will serve as the precursor to a Gulf region's central bank.
Saudi Arabian Monetary Agency head Mohammed al-Jasser's appointment Tuesday to lead the newly-created Gulf Monetary Council was another step in the oil-rich region's path to setting up a unified currency.
The announcement came as the monetary council held its first meeting, bringing together Saudi Arabia, Kuwait, Bahrain and Qatar-the four Gulf Arab nations that have agreed to a broader currency unification. The United Arab Emirates and Oman have opted out of the process.
Officials had said they hoped to set up a unified currency this year, but few expect that deadline will be met.
3/30/2010, 7:39 a.m. EDT
The Associated Press
(AP) — CAIRO - The head of Saudi Arabia's central bank will be the first chairman of a monetary council that will serve as the precursor to a Gulf region's central bank.
Saudi Arabian Monetary Agency head Mohammed al-Jasser's appointment Tuesday to lead the newly-created Gulf Monetary Council was another step in the oil-rich region's path to setting up a unified currency.
The announcement came as the monetary council held its first meeting, bringing together Saudi Arabia, Kuwait, Bahrain and Qatar-the four Gulf Arab nations that have agreed to a broader currency unification. The United Arab Emirates and Oman have opted out of the process.
Officials had said they hoped to set up a unified currency this year, but few expect that deadline will be met.