Supervision and control of the banking system in GCC member states and co-operation in the monetary field were the focus of a major meeting yesterday.
The Gulf Co-operation Council (GCC) committee of central bank governors held its 79th meeting, under the chairmanship of Dr Fahd bin Abdullah Al Mubarak, Governor of the Saudi Central Bank and chairman of the current session.
Central Bank of Bahrain (CBB) Governor Rasheed Al Maraj; Ibrahim Al Zaabi, Assistant Governor of the monetary policy and stability department at the Central Bank of the UAE; Taher bin Salem bin Abdullah Al Omari, chief executive of the Central Bank of Oman; Shaikh Bandar bin Mohammed bin Saoud Al Thani, Governor of Qatar Central Bank; and Basel Ahmed Salem Al Haroun, Governor of the Central Bank of Kuwait; took part in the meeting, attended by GCC secretary-general Dr Nayef Falah Al Hajraf.
Members of the committee discussed important topics related to co-operation 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.
They 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 committee also discussed the exchange of cyber security information in the banking field, and the efforts made by GCC countries to combat money laundering and financing terrorism, as well as other matters linked to the monetary and banking sector.
The committee reviewed important developments and updates regarding the stages accomplished by the monetary council, and discussed latest monetary and financial developments in the GCC countries.
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