The Board of Directors consists of the Governors of National Monetary Agencies and Central Banks. The Board of Directors selects from its members a chairman and vice-chairman for one year term. The Board of Directors enjoys full powers to achieve the purposes for which the Gulf Monetary Council has been established, including the issuance of required rules and regulations to implement the objectives and tasks of the Gulf Monetary Council, and to undertake the necessary procedures for establishing the central bank, and to follow up the procedures taken by the member states to prepare the payments and settlement systems for dealing with the single currency.
The Board of Directors holds at least six meetings per year. The current Board of Directors comprises: