MANAMA: The GCC monetary union is already in place and functioning from Riyadh but a unified currency will take time, Central Bank of Bahrain Governor Rasheed Al Maraj has said.
Speaking during an open town hall session where he was interviewed by GlobalCapital managing editor Toby Fildes at the sixth GCC Financial Forum in Four Seasons Hotel Bahrain Bay yesterday, Mr Al Maraj said the GCC monetary union is a reality with Saudi, Qatar, Bahrain and Kuwait having agreed, however, a monetary council would take time to launch .