6 Gulf states begin work on currency union and central bank

Flag of the Cooperation Council for the Arab S....
Central bank governors of six Persian Gulf countries agreed to create an executive body to prepare for the launch of a central bank and a common currency for the region. Saudi Arabia, Kuwait, Qatar and Bahrain said they have already approved a budget for the Gulf Cooperation Council's Monetary Council. GCC Secretary General Abdul Rahman Al Ateyya said he hopes the United Arab Emirates will rejoin the planned currency union. Full story here