October 2004
Middle East;Oct2004, Issue 349, p37
This article focuses on briefs related to various topics. An accord to establish an AGCC (Arab Gulf Cooperation Council) Central Bank to handle the task of creating the unified Gulf currency is likely to be reached by mid-2006 following the submission of a proposal by the General Secretariat to the Supreme Council Authorities of the AGCC States. Efforts are under way to set up a new commercial bank in Saudi Arabia — the Kingdom's 11th — with a capital of SR3bn ($799m) and by merging eight leading money exchangers in the country.


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