Gulf Monetary Council (GMCO) consists of a Board of directors and an Executive Body based in Riyadh. The Board of Directors enjoys full powers to achieve the objectives for which the Gulf Monetary Council has been established, including the issuance of required rules and regulations to implement the objectives and tasks of the Monetary Council. The Executive Body is the technical, financial and administrative entity which implements the decisions and recommendations of the Board of Directors stemming from its meetings; and it prepares studies on the integrated plans and programs related to the tasks and objectives of GMCO. The Executive body comprises the Executive President and the technical, financial and administrative units required for the performance of its business.
After the entry into force of the Statute Agreement, the Board of Directors started, in cooperation with one of the international consultation firms, to prepare an overall plan to complete the institutional structure of the Gulf Monetary Council. This was in pursuance of laying out the necessary foundations required for GMCO work and to carry out its mandate set forth in its Statute. The process of establishing the institutional structure of GMCO is the first important step for fulfilling the key objectives. In this context, GMCO embarked on implementing the institutional structure by approving the organizational and administrative structure and setting competences in accordance with the objectives and tasks of GMCO as follows:
Economic Research and Statistics
To contribute to achieving the objectives and tasks of GMCO, the mandate of the Economic Research and Statistics include preparation of necessary studies, monitoring and analyzing economic and monetary developments, studying their future trends and impacts on economic and financial stability within the Monetary Union. Besides, the department sets procedures and mechanisms for monitoring and assessing the economic convergence criteria on regular basis for following up the fulfillment of the member states with their obligations towards the Monetary Union. It also follows up and coordinates the various economic and financial policies of the member states. In addition, it provides and supplements decision makers with data and information in accordance with requirements of supporting the common economic decision. It also builds and develops an integrated and uniform statistical system to meet the requirements of the monetary union through regular monitoring of statistical data, preparation of economic indices, conducting regular statistical comparisons, and unifying the methodology and periodic dissemination thereof in line with the international statistical principles and standards.
The Legal Affairs Function contributes to the implementation of the objectives and tasks of GMCO through achieving legislative convergence and performing the various legal activities. The tasks and mandate of the Legal Affairs involve review of national and banking legislation, setting necessary rules that would achieve legislative convergence among the member states of GMCO, through insuring the compatible and consistency of national legislation with the provisions of the Monetary Union Agreement. Besides, the Legal Affairs coordinates banking legislation and common rules in the area of banking supervision for the National Monetary Authorities and Central Banks. The legal unit also prepares legal studies and issues legal opinion concerning legislation issued in the member states in connection with the application of provisions of the Monetary Union Agreement. It also prepares draft of regulations & administrative decisions and reviews their legal drafting. It organizes contracts and agreements entered into by GMCO with external entities, and gives advice on all legal matters for various departments and external entities.
Apart from financial planning and the optimum use of available resources and providing financial support for conducting GMCO's business, the Financial Affairs Function takes part in the implementation of GMCO's key objectives and tasks through organizing and managing the accounting and financial works with of the various departments of GMCO. The Department's tasks and mandate include preparing the budgets and the final accounts of GMCO, and submitting necessary explanation thereof. It also carries out the budget and financial plans after their approval, follows up their implementation, and prepares necessary reports as well as responds to the comments of external auditors on GMCO's final accounts and financial transactions. The Department carries out and records all financial transactions of commitments, payment of dues, book keeping and auditing of all records and ledgers as per financial by-laws in place.
The Information Technology Function participates in the implementation of key objectives and tasks through updating and developing the infrastructure of IT network and systems of GMCO. Its tasks and mandate include providing a database and comprehensive information apart from delivering advanced IT solutions to the financial and administrative system through a modern and safe electronic environment for achieving GMCO's business. In addition to achieving office upgrade by providing computer equipment's with their requirements & software, or administrative systems and internal networks with their accessories, to ensure improved performance of work and provide information and data at high speed and accuracy to facilitate the works of the various departments and contribute to accelerate GMCO's business performance.
The Human Resources Function takes part in the implementation of key objectives and tasks through the completion of the institutional structure of GMCO, development of the functional and administrative structure, activation of the internal organization and raising the staff capacities to accommodate the requirements of next stage. The tasks and mandate of the HR Department involve provision of the various department's requirements of fixed assets and maintenance thereof in addition to providing necessary services to conduct and achieve GMCO's business. In addition, the Department endeavors to attract and provide necessary human resources to enable GMCO to perform the functions set forth under its Statute with efficiency and high proficiency. The Department also plans and coordinates training programs and applies work systems and procedures at GMCO as per by-laws and policies in place. Besides, it studies the requirements of GMCO in the area of technical support and attraction of experts & consultants in this regard, in cooperation with the relevant entities.