Gulf central bank governors have approved a final amendment for monetary union but the timing for the launch of the single currency has not been specified, Qatar's central bank governor said.

Speaking at a central bank governors meeting in Jeddah, Sheikh Abdulla bin Saud Al-Thani said the GCC central banks had completed 85 percent of what was needed to achieve single currency.

A decision on the final location of the Gulf central bank would be made by GCC finance ministers, he said, who are scheduled to meet in Jeddah on Sept 17.

However, Mohammed al-Mazrouei, assistant secretary general for economic affairs at the GCC Secretariat, said the GCC states could wait until the rulers' summit in November to decide on the location.

'It is on the agenda ...they (finance ministers) are going to discuss it tomorrow ... they may make a decision or they may pass it along to the leaders,'  on the sidelines of a meeting in Jeddah. -Reuters