Council news

Gulf Monetary Council Held its Sixty-First Board Meeting

The Gulf Monetary Council (GMCo) held its sixty-first meeting for Board of Directors, Tuesday 05 March 2024, in Doha, Qatar.

His Excellency Mr. Basel Al-Haroon, the Governor of Central Bank of Kuwait, chaired the board meeting, which was attended by their Excellencies the Governors of national central banks in member countries, and in addition to participation of His Excellency GMCo’s president.

The Board meeting discussed a number of topics on the agenda and took the appropriate decisions in their regard.

Workshop "Monetary Tightening – Impact on The Economy"

The Gulf Monetary Council (GMCo) in cooperation with Saudi Central Bank held online workshop on “Monetary Tightening – Impact on The Economy” during 17 January 2024. The workshop hosted more than 60 participants from representatives of central banks in GCC countries and international financial institutions together with the Economic and Development Affairs Commission (EDAC) at the General Secretariat of the GCC. The main purpose of the workshop was to discuss recent economic development following monetary tightening and risks related to economic impacts of monetary tightening. In addition, get experience of global central banks on this topic especially with rapid monetary tightening in line with economic development.

Participants took part in presentations are GMCo, Most GCC of Central Banks, European Central Bank (ECB), and Arab Monetary Fund (AMF). This, GMCo is also keen to continue holding meetings and workshops to enhance technical cooperation between national central banks, coordinate monetary policies, and dedicate efforts towards monetary stability in GCC countries.

The Board of Directors appoints the Governor of the Central Bank of Kuwait as Chairman

GMCo’s Board decided to elect His Excellency Mr. Basel Al-Haroon as the Chairman of the Board, and His Excellency Mr. Rasheed Al Maraj as Vice Chairman. Their term of office starts on January 1, 2024, for a period of one year. The Board’s decision was taken as per Article (9) of the Statute, which states that “The Board of Directors shall elect a chairperson and a vice-chairperson among its members for a one-year office.”

His Excellency Mr. Basel Al-Haroon is currently the Governor of Central Bank of Kuwait, while His Excellency Mr. Rasheed Al Maraj is the Governor of Central Bank of Bahrain. Accordingly, the Gulf Monetary Council wishes success to the Chairman and the Vice Chairman in the next term. The Monetary Council also thanks the former Chairman, His Excellency Mr. Ayman Alsayari, Governor of the Saudi Central Bank, for his efforts and wise management during the previous term.

Turki Almutairi Appointed as President of Gulf Monetary Council

The Board of Directors decided to appoint His Excellency Mr. Turki Dhaifallah Almutairi as President of the Gulf Monetary Council (GMCo) effective December 1, 2023, corresponding to Jumada Al-Awwal 17, 1445, following His Excellency Dr. Atef Saleh Alrashidi.

On this occasion, Mr. Almutairi expressed his gratitude and appreciation to the Board of Directors for its precious trust to appoint him President of Gulf Monetary Council, looking forward to contributing in achieving Gulf Monetary Council objectives and tasks.

It is worth noting that His Excellency Mr. Almutairi, a Saudi citizen, has previously held several leadership positions, most notably the Deputy Governor for Research and International Affairs, Deputy Governor for Administrative Affairs at the Saudi Central Bank (SAMA), and the Alternate Executive Director for Saudi Arabia at the World Bank Group. His Excellency also worked as an Advisor to the Executive Director for Saudi Arabia at International Monetary Fund.

Gulf Monetary Council held its 60th board meeting

The Gulf Monetary Council (GMCo) held its 60th meeting for Board of Directors, Tuesday 05 September 2023, corresponding to 20 Safr 1445, in Salalah, Sultanate of Oman.

His Excellency Ayman Alsayari, Governor of Saudi Central Bank (SAMA), chaired the board meeting, which was attended by their Excellencies the Governors of national central banks in member countries, and in addition to participation of His Excellency GMCo’s president.

During the meeting, the board discussed a number of topics on the agenda and took the appropriate decisions in their regard.