Choosing Riyadh as a base shows GCC commitment to monetary union

Saudi Arabia, after all, is to house the planned Gulf Co-operation Council central bank. Following the 11th GCC consultative summit, held in the Kingdom on 5 May, the GCC’s outgoing secretary-general Abdelrahman Al-Attiyah announced that Riyadh would be the new joint monetary council’s base; this institution will eventually evolve into the GCC central bank.