Saudi cenbank head named new Gulf monetary chief

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Muhammad Al-Jasser of the Saudi Arabian Monetary Agency will be the first chairman of the Gulf monetary council, expected to be the precursor to a common central bank, Jasser said on Tuesday.

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The deputy will be Rasheed al-Maraj, the central bank governor of Bahrain, according to a statement read out by Jasser at a meeting of the four Gulf states taking part in the common currency project, Saudi Arabia, Bahrain, Qatar and Kuwait.

Central bankers from four Gulf oil producing states launched on Tuesday the joint monetary council, which is expected to lay the foundations for a regional central bank and prepare the launch of a single currency in a nearly decade-old plan.END