Cairo: The head of Saudi Arabia's central bank yesterday was named the first chairman of a council that will serve as the precursor to a regional central bank in the latest step toward a unified Gulf currency and more economic integration.
Saudi Arabian Monetary Agency head Mohammad Al Jasser's appointment came during the first meeting of the newly-created Gulf Monetary Council — a body that groups together the Opec kingpin, as well as Kuwait, Bahrain and Qatar. The UAE and Oman opted out of the plan.
The meeting in Riyadh, appeared to underscore a directed push to move ahead with a broader unification and single currency process that has been thwarted for years by political bickering, and infighting, analysts said.
