8/15/2010
Board of Governors of Monetary Agencies and Central Banks of member states of the monetary union to attend Monetary Board meeting in Saudi Arabia Monday, August 16, 2010.
Central Bank of Kuwait (CBK) Governor Sheikh Salem Abdulaziz Al-Sabah heads to the Kingdom of Saudi Arabia on Monday heading an official delegation to participate in the third meeting of the Monetary Board in the headquarters in Riyadh with the participation of the Board of Governors of Monetary Agencies and Central Banks of member states of the monetary union.
Sheikh Salem said in a press statement today that the meeting will address the ongoing efforts to prepare the organizational structure and institutional framework for the monetary council, to enable it perform its functions, most importantly the establishment of a Gulf central bank and the establishment of its analytical and operational capabilities.
He added, the meeting aims to strengthen cooperation among national central banks to create the appropriate conditions for the completion of the monetary union, as well as coordination of monetary policies and exchange rate policies of the national currencies, until the launch of the Gulf central bank.
The Monetary Board was created under the monetary union agreement signed between Kuwait and Bahrain, Saudi Arabia, Qatar and the monetary council. The Monetary Board of Directors consists of the Board of Governors of central banks and monetary agencies of member states.
Central Bank of Kuwait (CBK) Governor Sheikh Salem Abdulaziz Al-Sabah heads to the Kingdom of Saudi Arabia on Monday heading an official delegation to participate in the third meeting of the Monetary Board in the headquarters in Riyadh with the participation of the Board of Governors of Monetary Agencies and Central Banks of member states of the monetary union.
Sheikh Salem said in a press statement today that the meeting will address the ongoing efforts to prepare the organizational structure and institutional framework for the monetary council, to enable it perform its functions, most importantly the establishment of a Gulf central bank and the establishment of its analytical and operational capabilities.
He added, the meeting aims to strengthen cooperation among national central banks to create the appropriate conditions for the completion of the monetary union, as well as coordination of monetary policies and exchange rate policies of the national currencies, until the launch of the Gulf central bank.
The Monetary Board was created under the monetary union agreement signed between Kuwait and Bahrain, Saudi Arabia, Qatar and the monetary council. The Monetary Board of Directors consists of the Board of Governors of central banks and monetary agencies of member states.
