From Arabfinance.com: Gulf nations are “on track” to create a new shared currency and will set up a monetary council, a precursor to a joint central bank, by the start of 2010, Saudi Arabia’s central bank Governor Muhammad al-Jasser said.

The countries involved have done a “lot of work” on technical convergence criteria, al-Jasser said at a lunch in Istanbul where he’s attending the annual meetings of the International Monetary Fund and the World Bank………………Full Article: Source