The Board of Directors of the Monetary Council of the GCC member States convened its first meeting on Tuesday 30th, March, 2010 (Corresponding to 14th, Rabi'II, 1431) in the city of Riyadh in the presence of their Excellencies the governors of central banks and monetary authorities of the Kingdom of Bahrain, the Kingdom of Saudi Arabia, the State of Qatar and the State of Kuwait. At the beginning of the meeting, the Board of Directors expressed their great thanks to their Majesties and their Highnesses, the Leaders of the GCC Member States for this important achievement which is considered a basic brick for the establishment of the central bank for the Member States of the monetary union and the issuance of the single currency. This achievement is also complementary of the earlier important steps made in the area of common economic cooperation and integration between the GCC Member States.
The members of the Board lauded the fruitful efforts made by the Governors of the Central Banks and Monetary Authorities Committee and the Financial a nd Economic Cooperation Committee, with the ongoing support by the Ministerial Council and continued follow up by the Secretariat General of GCC Arab Member States.
The Members of the Board reviewed at their first meeting the requirements of the forthcoming stage, i.e., the completion of the institutional and regulatory architecture of GMCO's business. The Members also discussed GMCO's main tasks outlined in its Statute, the most prominent of which is the preparation and coordination of monetary policies and the continued development of the statistical systems and preparation of the payments and settlement systems. The Board also addressed a number of subjects necessary for the GMCO's work, i.e. the completion of GMCO's Executive Organ, preparation of financial and administrative regulations and GMCO's operational budget for the current fiscal year. The Board reviewed the efforts made for the selection of GMCO temporary building in Riyadh and permanent building at King Abdul Aziz Financial Center. Finally, the Board stressed the importance of consolidating GMCO's institutional work, confirming its independence, continuing the serious wok for the foundation of the central bank and issuing the single currency. The following decisions were issued in the course of discussions:
- Selection of the Governor of Saudi Arabian Monetary Agency, His Excellency Dr. Mohammed Suleiman Al-Jasir, as Chairman of the Board of Directors of GMCO for one year as from 30/ 3/2010 (cors. 14th, Rabi' II, 1431), and selection of the Governor of the Central Bank of Bahrain, His Excellency Mr. Rasheed Mohammed Al-Me'raj as Vice-Chairman of the Chairman of the Board for one year starting on the same date.
- Formation of a Higher Preparatory Committee to follow up selection of an Executive Chief Officer, and setting regulations and infrastructure for GMCO's work and preparing the institutional work the soonest possible.