UAE to Host GCC Central Bank

KUWAIT CITY, 25 October 2004 — The United Arab Emirates (UAE) will be home to the central bank of the six states in the Gulf Cooperation Council (GCC) which are working to set up a monetary union next year, the Kuwaiti finance minister said yesterday. Finance ministers of the GCC bloc who met in Saudi Arabia Saturday welcomed the development, Mahmud Al-Nuri told the official KUNA news agency on his return here. He did not say, however, when the bank would start operation.