Council news

The Gulf Monetary Council and the European Central Bank sign a memorandum of understanding for cooperation

The Gulf Monetary Council and the European Central Bank sign a memorandum of understanding for cooperation

Appointment of the President of Gulf Monetary Council

The Gulf Monetary Council (GMCO) announces the appointment of His Excellency Dr. Raja Bin Monahi Al-Marzoqi Al-Baqmi as President of the GMCO, as from October 1st 2015 (18th Zulhijah 1437). He is the successor of His Excellency Dr. Khalid Mohammed Al-Saad. It is worth mentioning that His Excellency Dr. Raja Bin Monahi Al-Marzoqi Al-Baqmi is a Saudi citizen, holding Ph.D. in Economics; and he had assumed a number of posts, the last of which was an Economic Advisor at the International Monetary Fund. He had also worked as a Plenipotentiary Minister at the Monetary Union Unit of the Secretariat General of the Gulf Cooperation Council. He has supervised and conducted many studies related to GMCO, apart from undertaking many academic, advisory and supervisory posts.

On this occasion, GMCO's Board of Directors records its great thanks and appreciation to H.E. Dr. Khalid Mohammed Abdullah Al Saad for the outstanding efforts and various contributions made by him during his presidency term of the Executive Organ of GMCO over a three-year period that witnessed the launch of the GMCO's business in the area of institutional and organizational establishment. We wish him very good health and further success. GMCO is also looking forward to making further achievements over the coming period under the presidency of its new President for the development of GMCO's business march for realizing its cherished objectives.​

Inauguration of GMCo Headquarters in Riyadh

Under the patronage of the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz Al Saud, His Excellency Dr. Ibrahim bin Abdulaziz Al-Assaf, the Minister of Finance in Saudi Arabia, inaugurated on Saturday, October 5, 2013, the headquarters of Gulf Monetary Council in Riyadh City.

On this occasion, His Excellency Dr. Fahd bin Abdullah Al Mubarak, the Chairman of Gulf Monetary Council, delivered a speech in which he praised the support and facilities provided by the Kingdom of Saudi Arabia to establish and host the headquarters of Gulf Monetary Council. His Excellency also expressed his thanks to their Majesties and Highnesses, the leaders of GCC countries, for their efforts and support for everything that involves promoting economic integration and coordinating the national economic policies between GCC countries.

The opening ceremony was attended by their Excellencies the finance ministers and central bank governors in GCC countries, in addition to His Excellency the Secretary-General of GCC countries. The Monetary Council also presented a commemorative gift to His Excellency Sheikh Salem bin Abdulaziz Al-Sabah, the Deputy Prime Minister in Kuwait, as appreciation to his previous role as a board member of Gulf Monetary Council during (2010-2012).

Signing of the Headquarters agreement of Gulf Monetary Council

The headquarters agreement for of the Gulf Monetary Council was signed today (Sunday 28/4/2013) at the Ministry of Foreign Affairs premises in Riyadh. The agreement was signed by His Royal Highness Prince Abdulaziz bin Abdullah bin Abdulaziz, Deputy Minister of Foreign Affairs on behalf of the Kingdom's government, while it was signed on behalf of the Gulf Monetary Council by its Board Chairman His Excellency Dr. Fahad bin Abdullah Almubarak.

On this occasion, Dr. Al-Mubarak extended his thanks and grateful to the government of the Custodian of the Two Holy Mosques for the support and facilities it provided, which contributed to accelerate the pace of the work in Monetary Council. The signing ceremony was also attended by the President of Monetary Council, Dr. Khalid bin Muhammad Al-Saad. The signing of the headquarters agreement comes to complete the institutional setup for the Council to continue its work from headquarter in Riyadh.

The First Meeting of the Gulf Monetary Council (GMCo) - Riyadh

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.​