2000 News Story

GCC monetary agencies discuss unified systems

The heads of monetary agencies and central banks of the member states of the Gulf Cooperation Council (GCC) ended their 30th meeting in Abha today. Following the two-day session, Governor of the Saudi Arabian Monetary Agency (SAMA) Hamad Al-Sayyari reported that under discussion were coordination of exchange rate policies, with all GCC currencies pegged to the U.S. dollar; a unified payment system for all member states; and a network linking ATM services.