Gulf bank governors meet today in al-Riyadh

The governors of monetary establishments and central bank in the Gulf Cooperation Council (GCC) states today discuss in Riyadh necessary criterion to provide a success for the monetary federation among their respective states.

In a statement, the GCC general secretariat stressed that the governors will discuss the recommendations taken by the technical committee in order to implement the decision of the higher council on the time schedule for the monetary union and issuing the united currency of the GCC member states.

The statement indicated that the participants in the meeting will also discuss latest financial and monetary developments in the GCC states.

Worthy mentioning that the leaders of the GCC agreed in their recent summit to issue the united GCC currency by the fall of January 1st, 2010.