Council news

Gulf Monetary Council held its 57th board meeting

The Gulf Monetary Council (GMCo) held its fifty-seventh meeting for Board of Directors, Today, Monday 3 October 2022, corresponding to 07 Rabi` al-Awwal 1444, in Riyadh City, Kingdom of Saudi Arabia.

His Excellency Sheikh Bandar bin Mohammed bin Saoud Al Thani, Governor of Qatar Central Bank, chaired the 57th 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.
 

Gulf Monetary Council held its 56th board meeting

MoU Signed Between Gulf Monetary Council and GCC General Secretariat

On Tuesday, April 19, 2022, the Gulf Monetary Council signed a Memorandum of Understanding (MoU) with the General Secretariat of the Gulf Cooperation Council (GCC). The Gulf Monetary Council was represented by its president, Dr. Atef bin Saleh Al-Rashidi, while the GCC General Secretariat was represented by the Assistant Secretary-General for Economic and Development Affairs Mr. Khalifa Bin Saeed Al-Abri.

The MoU included several aspects of cooperation and ways to enhancing GCC joint work between the two sides. The MoU signed is based on the decision of GCC Supreme Council (36th Session, Riyadh) to adopt the vision of Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud in cementing GCC joint work.

Gulf Monetary Council held its 55th board meeting

Workshop "Transition from LIBOR & reviewing interest rates benchmarks (IBORs)"

The Gulf Monetary Council (GMCo) in cooperation with the Central Bank of Kuwait (CBK) held a virtual workshop on <<Transition from LIBOR & reviewing interest rates benchmarks (IBORs)>> during 29-30 November 2021. The workshop hosted more than 50 Participants from representatives of natioal central banks in GCC countries and international financial institutions, where the workshop aimed to discuss technical developments and exchange experiences between natioanl central banks in GCC countries together with purpose of benefiting from the experiences of international working groups in this field in line with the global trend towards LIBOR transition.

The workshop also allowed the participants to view the recent developments related to LIBOR transition at regional and global level, reviewing the interbank offered rates in the local markets as efforts to adopt risk-free interest rates, and determining the impact of this transition on monetary and financial stability in the GCC countries.

The workshop addressed a number of technical topics, starting with the principles and frameworks applied for the transition including the financial, legal and accounting aspects, as well as a review of recent developments and other technical topics. The workshop was attended by GMCo, GCC central banks, the working group under Central Bank of England, the UK Financial Supervisory Authority and the European Financial Markets Authority.

GMCO is keen to continue holding meetings and workshops in pursue of monetary stability in GCC countries.