The Gulf Cooperation Council is setting up a company to facilitate direct money transfers among its six members, in a rare display of cooperation with isolated Qatar.
The Riyadh-based company will allow Gulf states to transfer money “without reliance on international currencies,” Kuwait central bank Governor Mohammed Al-Hashel told reporters on Monday following a meeting of regional central bankers in Kuwait City. The chief executive officer has been picked and all member states have agreed to contribute initial capital, Al-Hashel said.
