GMCO's Statute is considered the basis, which sets the primary objectives and tasks for achieving monetary integration. The completion of Monetary Union establishment, particularly laying down the foundations of the Central Bank, is one of the most important objectives of GMCO as set forth by its Statute. Article (4) of GMCO's Statute provided that "The primary objective of the Monetary Council shall be to prepare the required infrastructure for establishing the Monetary Union, in particular the establishment of the Central Bank and laying down its analytical and operational capacities". The Article also stipulates the main tasks as follows:

  1. Enhancement of cooperation among National Central Banks (NCBs) with a view to creating appropriate conditions for the establishment of the Monetary Union
  2. Development and coordination of the monetary policies and exchange rate policies for national currencies until the establishment of the Central Bank
  3. Following up the adherence to the prohibition on NCBs lending to public entities in Member States and developing appropriate rules of procedures
  4. Drawing up the necessary legal and organizational framework for the CB to carry out its tasks in cooperation with NCBs
  5. Development of necessary statistical systems with view to achieving the objectives of the Monetary Union
  6. Preparation for the introduction of the banknotes and coins of the single currency and developing a uniform framework for the introduction and circulation of the single currency in the single currency area
  7. Ensuring readiness of the payment and settlement systems related to the single currency
  8. Following up fulfillment by the Member States of their obligations to the Monetary Union and the introduction of single currency, in particular those related to the economic convergence criteria
  9. Setting the timeframe for the introduction and circulation of the single currency
  10. Making recommendations to the GCC on the legislation required for establishing the Monetary Union and the CB and introducing the single currency