Reuters news agency reports taht Gulf Arab oil producers are this month working on rejuvenating efforts and faith in their decades-long efforts toward a monetary union plan, with a single currency.

The massive project is not expected to be completed by the arbitrary 2010 deadline, but the director of Qatar's Central Bank has posited that the deadline does not, anyway, refer to the unified currency.

Central Bank Officials in the Gulf this month are finalizing a draft of a monetary union agreement, complete with plans to set up a monetary council that would comprise a first key element of a joint central bank.