Riyadh, the capital of Saudi Arabia, has been announced as the new headquarters for The Gulf Monetary Council, reports Arab News. The four countries listed as members of the council are Bahrain, Qatar, Kuwait and Saudi Arabia. The agreement to select Riyadh was co-signed by Deputy Minister of Foreign Affairs, Prince Abdul Aziz bin Abdullah, and Chairman of the Board of Directors of the Council, Fahd Al-Mubarak. The Gulf Monetary Council aims to introduce a single currency by 2015.
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