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GMCO's members include the national monetary agencies and central banks of the Member States, the signatory countries of the GCC Monetary Union Agreement, namely, the Kingdom of Bahrain, the Kingdom of Saudi Arabia, the State of Qatar, and the State of Kuwait.​


    The Central Bank of Bahrain (CBB)​

      

Under the Law of the Central Bank of Bahrain and Financial Institutions issued on 6th September 2006, the CBB was established, replacing the Monetary Agency of Bahrain which was established in 1972. CBB was established in pursuance of its primary objectives set forth in the Law, namely; maintaining monetary & financial stability and achieving economic growth within the framework of the State's general policy.​

The key functions of Bahrain Monetary Agency included issuance of the Bahraini Dinar (BD) and maintaining its full coverage in gold and foreign currencies. With the issuance of the new Law, the powers of CBB were expanded and its responsibilities included the issuance and management of the national currency, implementation of monetary policy, regulation of the banking sector, management of foreign exchange reserves, acting as the Government bank and its financial agent, and providing financial protection to consumers.

CBB capital is BD two hundred million fully paid up and owned by the Government. However, CBB enjoys an independent corporate personality in accordance with the provisions of its Law.

The Board of Directors manages and carries on CBB's affairs and sets bylaws related to its operations and administrative & financial affairs. The Board of Directors is composed of a Chairman and vice-chairman in addition to five other members with experience in economic and banking, including a representative of the Ministry of Finance. The Governor is the Chief Executive Officer of CBB, who manages and carries on its normal affairs under the supervision of the Board of Directors. 


       Saudi Arabian Monetary Authority (SAMA)​

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SAMA was established by a Royal Decree issued on 20th April 1952, providing for approving SAMA's Charter and its subsequent laws, the last of which was the Currency Law No. 6 of 1959. SAMA was established in pursuance of its primary objectives set forth in the Law, namely maintaining the stability of Saudi Riyal (SR) exchange rate and regulating the banking sector.

Entrusted with the role of the monetary authority in the Kingdom of Saudi Arabia, SAMA maintains the stability of SR exchange rate against other currencies and its free convertibility. At the beginning, SAMA had no role in monitoring money supply or banking credit. With the lapse of time and keeping pace with economic developments witnessed by Saudi Arabia, SAMA's powers expanded and its responsibilities included issuance of the national currency, and acting as the Government bank & its financial agent.

The Board of Directors manages SAMA's affairs and sets bylaws related to its operations and administrative & financial affairs. The Board of Directors is composed of the Governor as a Chairman and the Vice-governor as the vice-chairman in addition to three other members having experience in economic and banking affairs. The Governor is the Chief Executive Officer of SAMA, who manages and carries on its normal affairs under the supervision of the Board of Directors.​


     The Central Bank of Qatar (QCB)​

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Qatar Central Bank was established by QCB law & the regulation of financial institutions law and its subsequent laws, the last of which was Law No. (13) issued in 2012. It replaced Qatar Monetary Agency, which was established in 1973. QCB was established in pursuance of its primary objectives set forth in the Law, namely maintaining monetary & financial stability and achieving economic growth within the framework of the State's general policy.

The key functions of Qatar Monetary Agency included issuance of the Qatari Riyal (QR) and maintaining its full coverage in gold and foreign currencies. With the issuance of the new Law, the powers of QCB were expanded and its responsibilities included the issuance and management of the national currency, implementation of monetary policy, regulation of the banking sector, management of foreign exchange reserves, acting as the Government bank & its financial agent, acting as the Bank of Banks, and safety valve for financial stability.

QCB capital is QR fifty billion fully paid up and owned by the Government. However, QCB enjoys an independent corporate personality in accordance with the provisions of its Law.

The Board of Directors manages QCB's affairs and sets bylaws related to its operations and administrative & financial affairs. The Board of Directors is composed of the Governor as a Chairman and the Vice-governor as the vice-chairman in addition to five other members with experience in economic and banking affairs, including a representative of the Ministry of Finance and Ministry of Commerce. The Governor is the Chief Executive Officer of QCB, who manages and carries on its normal affairs under the supervision of the Board of Directors.  ​


     The Central Bank of Kuwait (CBK)​​

     

Under the Law concerning Currency, the Central Bank of Kuwait and the Organization of Banking Business issued on 30th June 1968, the CBK was established, replacing the Kuwaiti Currency Board which was established in 1960. CBK was established in pursuance of its primary objectives set forth in the Law, namely maintaining the stability of the Kuwaiti Dinar exchange rate, organizing the banking sector, and achieving economic growth within the framework of the State's general policy.​

The key functions of Kuwaiti Currency Board included issuance of the Kuwaiti Dinar (KD) and maintaining its full coverage in gold and foreign currencies. With the issuance of the new Law, the powers of CBK were expanded and its responsibilities included the issuance and management of the national currency, implementation of monetary policy, regulation of the banking sector, management of foreign exchange reserves, acting as the Government bank; through maintaining the Government accounts, management of Government loans, and assuming the function of the Government financial agent.

CBK capital is KD five million fully paid up and owned by the Government. Despite that, CBK enjoys an independent corporate personality in accordance with the provisions of its Law.

The Board of Directors manages and CBK's affairs and sets bylaws related to its operations and administrative & financial affairs. The Board of Directors is composed of the Governor as a Chairman and the Vice-governor as the vice-chairman.  The Board of Directors also includes representatives of the Ministry of Finance, the Ministry of Commerce & Industry in addition to four other members having experience in economic and banking affairs. The Governor is the Chief Executive Officer of CBK, who manages and carries on its normal affairs under the supervision of the Board of Directors.  ​