Secretary General of the Gulf Cooperation Council (GCC) Jassem Mohamed Albudaiwi said that the GCC Central Bank Governors’ Committee has a significant and prominent role in achieving economic integration and interconnection among their countries, especially in the monetary and banking field, which will contribute to a greater economic convergence of the GCC states.
The secretary general’s comments were made at the 81st meeting of the GCC Central Bank Governors’ Committee, held today in Salalah, Oman. The meeting was chaired by Chairman of the Board of Governors of the Central Bank of Oman, Chairman of the current session Sayyid Taimur bin Asa’ad Al Said, and was attended by the members of the GCC Central Bank Governors’ Committee.
Albudaiwi said in their previous meetings, the most recent of which was the 18th consultative meeting held in Jeddah last July, the GCC leaders focused on the economic aspect, and completing the remaining steps to establish the GCC Customs Union and Common Market, which is bound to lead to economic unity in 2025, to serve the GCC states, and contribute to the wellbeing of their peoples, and to achieve greater coordination, integration and interconnection among the GCC states.
Albudaiwi said that the agenda of the meeting will discuss several topics, including the recommendations of the committees and teams working under the supervision of the GCC Central Bank Governors’ Committee, which is concerned with payment systems in the GCC countries, and the supervision and control, and regulations governing the banking systems, as well as financial technologies and integration initiatives.
The meeting also discussed the exchange of information concerning cybersecurity in the banking sector, efforts made by the GCC countries to combat money laundering and financing terrorism, and the latest monetary and financial developments, which will contribute to achieving greater economic convergence between the GCC countries and strengthening the gains of GCC economic nationality.
Source: Saudi Press Agency
