GCC studies Monetary Council plan

Dubai: The Gulf Cooperation Council (GCC) will propose establishing a Monetary Council after the region's plan to adopt a single currency is ratified by three national parliaments.

The plan will be put forward at a meeting of central bank governors and finance ministers on September 15-17, Nasser Al Kaud, deputy assistant general for economic affairs at the GCC Secretariat, said in a telephone interview from Riyadh on Saturday.

The council would be a precursor to a central bank for the region, deciding the value at which the Gulf currencies should enter the single currency and harmonising monetary policy.

"We are suggesting it; I am not sure if they will agree," said Al Kaud. "It may help start the council sooner."