According to a Gulf News article dated 16 December 2009, Gulf Cooperation Council (GCC) leaders concluded their annual two-day summit with an agreement to form a monetary union, paving the way for a single currency for Bahrain, Kuwait, Qatar, and Saudi Arabia; Oman and the United Arab Emirates opted out. A monetary council is to be established in early 2010, and will transition into a central bank, which will eventually issue a single currency, though no timeline was announced.

Courtesy of Amirali Somji.

Tags: Bahrain, Kuwait, Qatar, Saudi Arabia, Oman, United Arab Emirates