Central bankers from the six-nation Gulf Cooperation Council have not reached agreement on the location of a common central bank to be used in plans for monetary union, Oman's central bank head said.

"A signature is still not there on the agreement because there is still no agreement on the location and currency of the central bank," Central Bank executive president Hamood Sangour Al-Zadjali told reporters.

GCC rulers were likely to meet in May to discuss the location for a common central bank, he said. After a location was decided, policymakers would decide whether the currency would be pegged to the US dollar, he said. - Reuters