GCC Central Bank Governors Approve Holding Annual International Conference

Gulf Cooperation Council (GCC) Secretary-General Jassem Mohammed Al-Budaiwi confirmed that the GCC Central Bank Governors’ Committee announced it would hold an annual international conference on banking and financial business and chose Doha to host the first conference next September.

The conference intends to highlight the extent of the significant progress achieved by the GCC countries in the field of financial and banking services, discuss the large and growing role of GCC central banks in the global financial system, and portray their efforts in financial stability and risk management.

Al-Budaiwi’s came on Tuesday in Doha, at the 82nd meeting of the GCC Central Bank Governors’ Committee.

The secretary-general reiterated that the committee also established a preparatory committee to arrange its meetings, follow up on adopted decisions, and propose joint topics related to monetary and banking affairs.

“The GCC countries are steadily advancing towards strengthening cooperation and integration in the economic and financial fields and are interested in applying the joint Gulf decisions and recommendations with precision, and are racing against time to complete joint economic and development projects,” Al-Budaiwi said at the opening of the meeting.

International Monetary Fund (IMF) reports noted that the GCC countries enjoy high capacity and flexibility in countering financial fluctuations and challenges, and adopting all necessary measures to confront them and mitigate their repercussions, the GCC secretary-general added.

He noted that, according to a recent World Bank report, the economic growth rate in the GCC countries is expected to rise to 3.6% in 2024 and 3.8% in 2025. He said the report supports the potential of the GCC countries, qualifying the grouping to become a new motivator for global economic growth.