79th GCC Central Bank Governors’ Committee meeting evaluates monetary measures

By Rahul Vaimal, Associate Editor
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79th Meeting of GCC Central Bank Governors' Committee
GCC Central Bank Governors at 79th Meeting of GCC Central Bank Governors' Committee | Image Courtesy: Supplied

The 79th meeting of the Committee of Central Banks Governors of the Gulf Cooperation Council (GCC) was recently held under the chairmanship of Dr. Fahd bin Abdullah Al Mubarak, Governor of the Saudi Central Bank, Chairman of the current session.

The meeting which witnessed the participation of GCC Secretary-General, Dr. Nayef Falah M. Al Hajraf, was attended by;

  • Mr. Ibrahim Al Zaabi, Assistant Governor of the Monetary Policy and Stability Department at the Central Bank of the United Arab Emirates (UAE)
  • Mr. Rasheed Mohammed Al Maraj, Governor of the Central Bank of Bahrain
  • Mr. Taher bin Salem bin Abdullah Al Omari, Chief Executive Officer of the Central Bank of Oman
  • Mr. Shaikh Bandar bin Mohammed bin Saoud Al Thani, Governor of Qatar Central Bank and
  • Mr. Basel Ahmed Salem Al Haroun, Governor of the Central Bank of Kuwait

Committee members discussed numerous important topics related to cooperation in the monetary field, including the recommendations of the committees and working teams operating under the supervision of the Committee of Governors that are concerned with issues of payment systems in the GCC countries.

Members also addressed topics of supervision and control of the banking system in the GCC member states, and issues related to the technology in the sector, in addition to the relevant initiatives introduced to enable integration among the GCC countries in this field.

The exchange of cyber security information in the banking field, and the efforts made by the GCC countries in the context of combating money laundering and financing terrorism, as well as other matters linked to the monetary and banking sector were also discussion points that were deliberated upon by the committee

The Committee also reviewed the most important developments and updates regarding the stages accomplished by the Monetary Council during the last period, in addition to shedding light on the latest monetary and financial developments in the GCC countries.

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