The Gulf Monetary Council (GMC) is a pivotal regional financial institution established by the member states of the Gulf Cooperation Council (GCC). Its primary and most renowned objective is to lay the foundational groundwork for a single currency union, a visionary project aimed at achieving deeper economic integration and monetary stability across the Gulf region.
While the long-term goal of launching a common currency (often referred to as the “Khaleeji” currency) is a central part of its mandate, the Council’s work encompasses broader monetary policy coordination. It serves as the key technical and executive body for harmonizing monetary and banking policies, managing exchange rate pegs, and aligning financial systems among participating nations. The GMC is widely regarded as the essential forerunner to a future Gulf Central Bank
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