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  • Ahmed Saleh

GCC Secretary General: Central Bank Governors' Committee plays key role in economic integration

Salalah, Oman, September 05, 2023, Jassem Mohamed Albudaiwi, the Gulf Cooperation Council's (GCC) secretary general, stated that the Central Bank Governors' Committee of the GCC plays a significant and prominent role in achieving economic integration and interconnection among their nations, particularly in the monetary and banking sectors, which will help the GCC states' economies more closely converge. The secretary general made his remarks at the GCC Central Bank Governors' Committee's 81st meeting, which took place today in Salalah, Oman. Sayyid Taimur bin Asaad Al Said, the current Chairman of the Board of Governors of the Central Bank of Oman, presided over the gathering of the GCC Central Bank Governors' Committee. Albudaiwi claimed that during their previous gatherings, the most recent of which was the 18th consultative meeting held in Jeddah in July of last year, the GCC leaders concentrated on the economic aspect and completed the necessary steps to establish the GCC Customs Union and Common Market, which will inevitably result in economic unification in 2025, to serve the GCC states and contribute to the welfare of their peoples, and to achieve greater coordination, integration, and interconnection among the GCC states.

According to Albudaiwi, the meeting's agenda will cover a range of subjects, including the recommendations of the committees and teams working under the direction of the GCC Central Bank Governors' Committee, which are concerned with the payment systems in the GCC countries, as well as the supervision, control, and regulations governing the banking systems, as well as financial technologies and integration initiatives.

The meeting also covered the latest monetary and financial developments, efforts made by the GCC countries to combat money laundering and financing terrorism, and information exchange regarding cybersecurity in the banking sector. All of these topics will help the GCC countries' economies more closely converge and will strengthen the benefits of GCC economic nationality.

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