According to reports in the regional media, central bankers from the six member states of the Gulf Cooperation Council (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates) will meet this weekend to discuss issues relating to the planned GCC monetary union.
The two day meeting, set to commence on Saturday, will look at ongoing and forthcoming financial convergence efforts, and at the legislative and institutional framework necessary for monetary union.
In addition, the GCC member state representatives will discuss the initiatives needed to ensure the creation of a GCC central bank by 2006, and to put in place a single monetary authority and currency by 2010.
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