Press Releases

Governors of Monetary Agencies and Central Banks in the Cooperation Council for the Arab States of the Gulf “GCC” shall hold their 59th meeting of the Committee of Governors of GCC Monetary Agencies and Central Banks in the State of Kuwait on 11-12 March 2014 in the State of Kuwait. The meeting will be chaired by H.E. Governor of the Central Bank of Kuwait, Dr. Mohammad Y. Al-Hashel. Dr. Al-Hashel will also participate in the 27th meeting of the Board of Directors of Gulf Monetary Council scheduled on Wednesday, 12 March 2014.

GCC Committee of Governors shall discuss several issues relating to the efforts that aim to strengthen GCC economic cooperation and safeguard our banking and financial sectors, in particular, and GCC economies, in general, from repercussions of current regional and international challenges. In addition, the Governors of the GCC Monetary Agencies and Central Banks will discuss the economic resolutions of the of the Supreme Council in its 34th session held on 10 and 11 December 2013 in the State of Kuwait considering a strategy to effect those resolutions along with the directions issued by their Majesties and Highnesses, leaders of Cooperation Council for the Arab States of the Gulf. The Committee will also look at reports and minutes of its technical subcommittees, in particular Banking Supervision Committee engaged in certain critical tasks relating to mechanisms of risk management, governance and supervision over implementation of “Basel III” standards, and Banking Institutes & Colleges Committee. The Committee will also discuss minutes of the meeting held by Anti-Money Laundering & Terror Finance Taskforce and developments in the framework of the Financial Committee for combat of money laundry and terror finance.

The 59th meeting of the Committee of Governors of GCC Monetary Agencies and Central Banks shall discuss dimensions of the monetary and financial developments and prospects GCC states are witnessing, developments in the areas assigned to Gulf Monetary Council and the report of the General Secretariat of Cooperation Council for the Arab States of the Gulf in regard to the 11th Banking Conference of Cooperation Council for the Arab States of the Gulf held on 4 and 5 November 2013 in Abu Dhabi, UAE. It is worth pointing out that the Committee of Governors of Monetary Agencies and Central Banks in the Cooperation Council for the Arab States of the Gulf meets twice a year for exchanging views and consultations around the important economic, monetary and banking cases relating to GCC Monetary Agencies and Central Banks.

Besides, H.H. Governor of the Central Bank of Kuwait, will participate in the 27th meeting of the Board of Directors of Gulf Monetary Council to be held on Wednesday, 12 March 2014 . Gulf Monetary Council involves their Highnesses the Governors of Monetary Agencies and Central Banks of the Member States of GCC Currency Union Agreement viz. Kingdom of Bahrain, Kingdom of Saudi Arabic, State of Qatar and State of Kuwait. The currently running session of Gulf Monetary Council is headed by H.H. Sheikh Abdullah Bin Saud Al-Thani, the Governor of Qatar Central Bank. The Gulf Monetary Council shall continue its discussion for completion of institutional structure thereof including operating strategies and plans to fulfill the currency union requirements and follow up the progress on formation of the executive board and the study to be conducted by the consulting firm to cover various areas including administrative and financial bylaws so as to enable the Gulf Monetary Council accomplish its duties and tasks as assigned under the Statute thereof.

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