The Cabinet, chaired by King Abdullah, Custodian of the Two Holy Mosques, Monday approved the Gulf Cooperation Council (GCC) Monetary Union agreement adopted by the GCC Supreme Council during its 29th session in Muscat. The accord is the first step toward the establishment of the Monetary Union to pave way for the creation of the GCC central bank to create single Gulf currency. The minister said the Monarch briefed the meeting on the overall consultations, talks and contacts he has had during the week with leaders or their envoys of several countries. The Monarch also briefed the Cabinet on the outcome of his meeting with Jordan's King Abdullah which focussed latest developments in the region, particularly the Palestinian issue, in addition to ways of enhancing the fraternal relations between Saudi Arabia and Jordan for the benefit of the two countries and their peoples. The King also briefed the meeting on a message he received from Pakistan's President Asif Ali Zardari. Ibrahim Al-Assaf, Minister of Finance, briefed the Cabinet on the 45th annual report of the Saudi Arabian Monetary Agency, highlighting the Kingdom's latest economic developments, including the strong growth of the national economy in 2008 for the sixth year in a row, and the decline of the annual inflation from its highest rate of 11.1 percent in July 2008 to 4.2 percent in July 2009. Al-Khoja said the Cabinet decided to allow butchers, support workers and veterinarians recruited by the Islamic Bank for Development to perform Haj in accordance with the rules applicable in the Saudi Project For Utilization of Sacrificial Animals (ADAHI).
