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First Meeting of the Gulf Central Bank to be Held in March

Middle East : 11 February 2010

On 30th March this year the Saudi capital of Riyadh will host a meeting that will be attended by the central bank governors of Saudi Arabia, Kuwait, Bahrain and Qatar.   The purpose of the meeting will be for the four nations to discuss ways of setting up a common central banking system and the eventual creation of a Gulf single currency.

The United Arab Emirates and Oman, the two remaining countries that make up the Gulf Co-operation council, are absent from the discussions.  The UAE has refused to participate due to an objection to the choice of Riyadh as the future headquarters of the bank.  Oman has said it does not yet meet the criteria for joining.

GCC Secretary General Abdul Rahman Al Attiyah has said the meeting will ‘work out the legislative, institutional and functional procedures of the common bank’.  He also expressed the hope that the UAE would rejoin the negotiations in the near future.

Sarah O’Connell, Gulf Jobs Market News

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
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