The secretary-general of the Gulf Cooperation Council says the six nation bloc has chosen Riyadh to host its monetary council, a precursor to a long-planned regional central bank.
Abdul Rahman Hamad al-Attiyah said Tuesday details of the agreement will be released later.
Selecting the bank headquarters' host city is a major step toward advancing the Gulf region's monetary union plan that includes a unified currency. The effort has stalled on a number of issues, including Oman's decision not to participate in the single currency and Kuwait's decision to drop the U.S. dollar as a currency peg.
GCC officials had set a target of 2010 for the new currency, but have since acknowledged that this deadline will not be met.