The GCC Central Bank Governors’ Committee selected Doha to host their inaugural conference, scheduled for September. Secretary-General Jassem Mohammed Al-Budaiwi of the Gulf Cooperation Council (GCC) confirmed the announcement.
Al-Budaiwi made the announcement during the 82nd meeting of the GCC Central Bank Governors’ Committee held in Doha. He emphasized the establishment of a preparatory committee tasked with organizing meetings, monitoring decisions, and proposing joint topics related to monetary and banking affairs.
Objectives
The conference of the GCC Central Bank Governors’ Committee aims to spotlight the progress GCC countries have achieved in the realm of financial and banking services. It will facilitate discussions on the expanding role of GCC central banks in the global financial system. Moreover, it will highlight their efforts in financial stability and risk management.
“The GCC countries are steadily advancing towards strengthening cooperation and integration in the economic and financial fields,” Al-Budaiwi stated. He also highlighted the meticulous implementation of joint Gulf decisions and recommendations, as well as the collective efforts to expedite joint economic and development projects. Therefore, the conference of the GCC Central Bank Governors’ Committee will serve as a platform to strengthen economic ties and further explore the banking and finance sectors in the region.
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Resilience against financial challenges
Citing reports from the International Monetary Fund (IMF), Al-Budaiwi emphasized the GCC countries’ robust capacity and flexibility in addressing financial fluctuations and challenges. He noted their proactive measures to confront and mitigate the impact of such challenges.
According to Al-Budaiwi, a recent World Bank report forecasts a promising economic growth rate for GCC countries. The report projects an economic growth rate of 3.6 percent in 2024 and 3.8 percent in 2025. He added that the report supports the potential of the GCC countries. In addition, it qualifies the group to become a new motivator for global economic growth.
The GCC Central Bank Governors’ Committee annual banking conference underscores the GCC’s commitment to showcasing its financial advancements. Moreover, it allows the region to reinforce its global presence in the banking and financial sectors.
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