29 March, 2010 CBK governor to partake in GCC Monetary Council meet
Kuwait Times - Governor of the Central Bank of Kuwait (CBK) Sheikh Salem Abdulaziz Al-Sabah is scheduled to lead Kuwait's delegation to the first board meeting of the Gulf Cooperation Council (GCC) Monetary Council, according to a CBK in a statement issued here yesterday.
The meeting, to be held at the Monetary Council's headquarters in Riyadh, capital of Saudi Arabia, on Tuesday, will gather governors of the central banks and chiefs of the monetary institutions of the four state parties to the GCC Monetary Union Treaty.
The treaty, signed by Bahrain, Kuwait, Qatar and Saud Arabia in Muscat, capital of Oman, in December, 2008, forms the legal regulatory framework of the monetary union, the statement noted.
The treaty took force on February 27, 2010, just one month after lodging the treaty to the GCC Secretariat. Under the provisions of the document, the union's basic system came into being on March 27, 2010, the statement pointed out.
The union's organization includes a board of directors - made up of governors of the central banks and chiefs of monetary institutions of the state parties - and executive body. It aims to lay the technical and legislative groundwork for the launching of a GCC central bank, coordinate the monetary policies of the member countries and standardize the exchange rates of their currencies.
Kuwait Times - Governor of the Central Bank of Kuwait (CBK) Sheikh Salem Abdulaziz Al-Sabah is scheduled to lead Kuwait's delegation to the first board meeting of the Gulf Cooperation Council (GCC) Monetary Council, according to a CBK in a statement issued here yesterday.
The meeting, to be held at the Monetary Council's headquarters in Riyadh, capital of Saudi Arabia, on Tuesday, will gather governors of the central banks and chiefs of the monetary institutions of the four state parties to the GCC Monetary Union Treaty.
The treaty, signed by Bahrain, Kuwait, Qatar and Saud Arabia in Muscat, capital of Oman, in December, 2008, forms the legal regulatory framework of the monetary union, the statement noted.
The treaty took force on February 27, 2010, just one month after lodging the treaty to the GCC Secretariat. Under the provisions of the document, the union's basic system came into being on March 27, 2010, the statement pointed out.
The union's organization includes a board of directors - made up of governors of the central banks and chiefs of monetary institutions of the state parties - and executive body. It aims to lay the technical and legislative groundwork for the launching of a GCC central bank, coordinate the monetary policies of the member countries and standardize the exchange rates of their currencies.
Kuwaiti times
