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Finance & Banking | Global Arab Network
GCC states discuss the monetary union steps
Global Arab Network - - Shahid Abbas
GCC states discuss steps to complete the monetary union
Saudi Arabia (Riyadh) - The Third meeting of the Gulf monetary council attended by governors of monetary institutes and central banks of member states, concluded last night with the participation of the Central Bank of Kuwait Governor Sheikh Salem Abdulaziz Al-Sabah.

The meeting that was headed by the Vice Governor, Saudi Arabian Monetary Agency, Dr. Mohammad Al-Jasser, discussed several issues concerning coordination and joint cooperation among member states, to accelerate the establishment on the Gulf Central Bank.

The meeting also discussed the executive steps to complete the establishment of the monetary union for member states that have signed the GCC monetary agreement, including Kuwait, Saudi Arabia, Qatar, and Bahrain.

The monetary council was established according to the monetary union agreement.

Riyadh temporarily hosts the headquarters of the executive council. The permanent headquarters will be at King Abdullah Financial Center in the same city.

In March, the monetary council's board chose governor of the Saudi agency Dr. Mohammad Al-Jasser as its head for one year.

Governor of Central Bank of Bahrain Rasheed Al-Miraj was appointed deputy head for a year.
(KUNA)

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