The proposal to set up a monetary union was approved on Wednesday by Gulf Cooperation Council (GCC) finance ministers. However, the day of the launch of the single currency was not announced. The reporters were informed by Qatari Finance Minister Youssef Kamal, who chaired the meeting of GCC countries in the Western Saudi city of Jeddah, “We have an agreement to set up the monetary union and the monetary council, as well as the basic structure.”

The meeting which took place, in the midst of doubts, over the independence of a future common central bank, was concluded with the decision, over its location postponed until a November summit of the six GCC heads of state. Kamal informed, “We asked the heads of central banks to complete the requirements for the single currency in future meetings.”

When asked about the date for launching the single currency, Kamal replied, “I don’t know.”

The heads of state, must first approve the decision taken on Wednesday before they join forces for the GCC that includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.

With the aim to increase the regional trade, back in 2001, members of GCC agreed to make a European Union-style monetary union by 2010.