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Finance and economy ministers of the six-member Gulf Cooperation Council approved the monetary union charter and the council's bylaws during a meeting in the Saudi Red Sea city of Jeddah, Abdurrahman al-Attiyah told AFP.
The endorsement of the proposals constitutes a major step toward adopting a single currency, Attiyah said.
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The monetary council, agreed in principle by GCC central bank governors in 2006, would be the forerunner for a GCC central bank, which will issue the single currency. But there is doubt about whether the GCC can meet its 2010 target date for a single currency.
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