Central banks of four Gulf countries will halt their lending operations next week in line with their landmark agreement to launch the world’s second major monetary union, a Saudi newspaper reported yesterday. Saudi Arabia, Kuwait, Qatar and Bahrain, members of the six-nation Gulf Co-operation Council (GCC), will ask their central bank to completely stop lending [...]

At the Gulf Co-operation Council Summit in Kuwait, four of the six member nations agreed on Tuesday to setup a joint central bank and a single currency, which will be based in Riyadh.

DUBAI — Four Gulf Arab states that are planning monetary union won’t be able to introduce a single currency for at least four years, Banque Saudi 
Fransi said.

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