Joint coordination among Gulf central banks to support financial and monetary stability

The Committee of Central Bank Governors of the Gulf Cooperation Council (GCC) countries held its 87th meeting in Manama, the capital of Bahrain, with the attendance of GCC Secretary-General Jassem Al-Budaiwi and the central bank governors of the GCC member states. During his chairmanship of the meeting, Khalid Hamidani, Governor of the Central Bank of Bahrain, praised the GCC countries’ commitment to continuing to enhance cooperation and joint coordination among their central banks, thereby supporting financial and monetary stability. He highlighted the continuous development witnessed by the banking sector in the GCC countries, emphasizing its pivotal role in supporting economic growth and advancing the path of sustainable development.

The meeting, attended by Bassel Al-Haroun, Governor of the Central Bank of Kuwait, discussed several topics related to strengthening cooperation among the GCC countries, including the recommendations of the committees and task forces concerned with payment systems under the plan to activate joint GCC work, as well as supervision and oversight of the banking sector in the GCC countries, and technologies in the financial sector of the GCC states.

The Committee also discussed the exchange of cybersecurity information for the banking sector and the efforts undertaken by the GCC countries in the framework of combating money laundering and terrorist financing.