The GCC Supreme Council in its twenty-ninth session (Muscat, December 2008) approved the Monetary Union Agreement and the Statute of the Monetary Council, which developed the legal and institutional framework for the Monetary Union, and identified the goals and tasks of the Monetary Council. The Member States of the Monetary Union Agreement (the Kingdom of Bahrain, Saudi Arabia, Qatar, and Kuwait) ratified the Agreement, and as a result the Monetary Agreement entered into force on 27 February 2010. According to Article 20 of the Statute of the Monetary Council, the statute becomes effective one month after the date of entring into force of the Monetary Union Agreement. Accordingly, the statute of the monetary council entered into force on 27/3/2010. The Board of Directors of the Gulf Monetary Council (GMCO) held its first meeting on 30 March 2010.

The Boards discussions have been mainly focused on the institutional requirements, including strategies and plans to complete the necessary operational requirements of the monetary union. In addition, a statistical Committee was formed to develop statistical systems necessary to achieve the objectives of the Monetary Union.