The United Arab Emirates has informed the secretariat of the Gulf Cooperation Council that it is pulling out of the proposed GCC monetary union, according to a report by the country’s official news agency.
The move came less than three weeks after Gulf leaders agreed that the headquarters of the central bank for the region would be located in Saudi Arabia.
The consensus view is that the UAE was worried that locating the bank in Saudi Arabia would give Riyadh undue power.
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