Money union framework gets approval

Jeddah: Gulf Arab finance ministers on Wednesday approved the framework for the monetary union, but left a question mark over the timing of the launch.

The ministers ended their talks amid doubts over the independence of a future Gulf central bank, and they deferred a decision over its location to a summit in November.

The pact approved yesterday includes an agreement on the charter governing a monetary council that will form the nucleus of a future central bank.

"We have an agreement on the accord to set up the monetary union and the monetary council as well as the basic structure," Qatari Finance Minister Yousuf Kamal, who chaired the meeting, told reporters.