Opening of the meeting of the 61 Committee of Governors of Monetary and central banks in the Gulf Cooperation Institutions

18/03/2015 | 12:57 م

Governors Monetary institutions and central banks in the Gulf Cooperation Council (GCC)

Doha - 18-3 (KUNA) - opened here today the meeting of the Committee of Governors of the 61 central banks and monetary institutions in the Gulf Cooperation Council (GCC) to discuss ways to promote joint economic action among member states.

The governor of the Central Bank of Qatar, Sheikh Abdullah bin Saud Al Thani, in opening remarks that the meeting comes in the global atmosphere turbulent and unstable at various levels which impacted negatively on the global economic performance, with growth rates have fallen and risen unemployment rates in most economies of the world except the United States.
Sheikh Abdullah added that as a result fluctuated financial markets and the dollar exchange rate and oil prices fell, which led to the decline of inflation rates.

He said that "In the light of this major central banks around the world have adopted expansionary monetary policies and reinforced by a massive quantitative easing programs in the hope of re-growth in their economies."

He followed, saying that "our economies are affected by these developments has been a decline in oil prices, an additional challenge to the GCC countries to add to the burden on the state budget."

"We live in an exceptional stage requires us to take the necessary actions and measures necessary to cope with the possible repercussions."

And "We are concerned primarily monetary policy coordination and unification of efforts to achieve the financial and banking stability to serve the higher goals of the Council and the rise of the Gulf citizens in accordance with the principles and foundations that have been laid and directed by leaders of the GCC countries."

For his part, Assistant Secretary General for Economic Affairs Abdullah Bin Juma Al-Shibli said in a speech at the opening ceremony that the directives of the GCC leaders are in the hard work to update the GCC process and benefit from the achievements of the service of the Council and its peoples countries and well-being and achieve greater coordination, integration and interdependence.

He added that Al-Shibli Committee of Governors of Monetary Institutions and banks contributed to the Gulf in support of economic integration and convergence programs in the monetary and banking sector among the GCC countries.

He explained that the contribution came through the adoption of common standards in the areas of banking supervision in accordance with the requirements of international standards and begin to develop a framework for the mechanism of exchange of credit information between credit information centers or equivalent in the GCC countries and work out the best strategies available to link the payment systems between the member states of the study.

He said that work is underway to complete the third phase of the penultimate draft study (design operating model stage) after the completion of the second phase (development strategy of linkage phase) and before them a report from the supervisor of the study committee and a report from the company in charge prepared by noting that he expected to complete the study before the end of the year ongoing.

He added that the Committee's agenda is full of many important topics that will contribute to achieving greater economic convergence between the GCC countries.

He said the topics include the recommendations of the committees and working groups under the auspices of the Committee on the topics of supervision and control over the banking system on the guiding criteria consolidated banking supervision of the GCC and credit information centers (or equivalent) in the GCC countries.

He noted that the threads of payment systems in the GCC countries on the development of workflow project study linking payment systems strategy in the GCC countries in addition to the report on the procedures followed in the information security of payment systems in the Member States.

He added that he will also be displayed on the report of the Committee for the meeting of the 30 Committee of banking institutes and colleges in addition to the review of developments in the fight against money laundering and the financing of terrorism and the efforts of the GCC countries in this area.

He said he was confident that the Committee will reach decisions on the issues on the meeting, which will enhance the joint economic action between the GCC countries and push his career forward to promote the achievements of the GCC economic citizenship. (End) n d


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