25 December, 2010
GCC Monetary Council to form executive body
The central bank governors from six Gulf countries agreed Wednesday to pursue plans to set up an executive body ahead of the creation of the region's first central bank.
The Gulf Cooperation Council (GCC) central bank governors said they had already approved the budget of the GCC Monetary Council (GMC) and would hold more talks through 2011 to establish an executive body that will carry out the GMC’s functions.
"The executive body is to be drawn from the four members and will be headed by a CEO, who will pick the administrative staff and devise plans of action," Aleqtisadiah Arabic daily said.
"The GMC will assume a supervisory role while the executive body will chalk out plans and implement GMC’s decisions."
The paper said the GMC should hold at least six meetings every year pending the creation of a GCC central bank, which will in turn launch a single currency.
In press comments Wednesday, GCC Secretary General Abdul Rahman Al Ateyya urged the other GCC members to rejoin the currency union to ensure full economic merger within the 29-year-old Gulf alliance.
UAE quit the monetary union in early 2009, while Oman quit two years earlier.
Saudi Gazette
GCC Monetary Council to form executive body
The central bank governors from six Gulf countries agreed Wednesday to pursue plans to set up an executive body ahead of the creation of the region's first central bank.
The Gulf Cooperation Council (GCC) central bank governors said they had already approved the budget of the GCC Monetary Council (GMC) and would hold more talks through 2011 to establish an executive body that will carry out the GMC’s functions.
"The executive body is to be drawn from the four members and will be headed by a CEO, who will pick the administrative staff and devise plans of action," Aleqtisadiah Arabic daily said.
"The GMC will assume a supervisory role while the executive body will chalk out plans and implement GMC’s decisions."
The paper said the GMC should hold at least six meetings every year pending the creation of a GCC central bank, which will in turn launch a single currency.
In press comments Wednesday, GCC Secretary General Abdul Rahman Al Ateyya urged the other GCC members to rejoin the currency union to ensure full economic merger within the 29-year-old Gulf alliance.
UAE quit the monetary union in early 2009, while Oman quit two years earlier.
Saudi Gazette
