Regional stock market indices Regional currency rates GCC countries adopt draft for single currency The Gulf Cooperation Council (GCC) approved a draft agreement regarding the creation of a single currency for five of the six member countries. Saudi Arabia, Bahrain, Kuwait, Qatar and the United Arab Emirates plan on introducing this monetary union by 2010. However, many issues face the implementation of the currency by that time. According to Qatar’s central bank governor, it is extremely important for the unified currency to have strong foundations on both the monetary and the fiscal policies side and all other economic sectors. In addition to that, the GCC countries have not yet decided on a location for a central bank, noting that at least two countries are competing to host the bank. These issues are expected to be decided during the next GCC meeting to be held in Oman later in 2008, though
