Council news

04 Jan 2024
The Board of Directors appoints the Governor of the Central Bank of Kuwait as Chairman

GMCo’s Board decided to elect His Excellency Mr. Basel Al-Haroon as the Chairman of the Board, and His Excellency Mr. Rasheed Al Maraj as Vice Chairman. Their term of office starts on January 1, 2024, for a period of one year. The Board’s decision was taken as per Article (9) of the Statute, which states that “The Board of Directors shall elect a chairperson and a vice-chairperson among its members for a one-year office.”

His Excellency Mr. Basel Al-Haroon is currently the Governor of Central Bank of Kuwait, while His Excellency Mr. Rasheed Al Maraj is the Governor of Central Bank of Bahrain. Accordingly, the Gulf Monetary Council wishes success to the Chairman and the Vice Chairman in the next term. The Monetary Council also thanks the former Chairman, His Excellency Mr. Ayman Alsayari, Governor of the Saudi Central Bank, for his efforts and wise management during the previous term.

13 Dec 2023
Turki Almutairi Appointed as President of Gulf Monetary Council

The Board of Directors decided to appoint His Excellency Mr. Turki Dhaifallah Almutairi as President of the Gulf Monetary Council (GMCo) effective December 1, 2023, corresponding to Jumada Al-Awwal 17, 1445, following His Excellency Dr. Atef Saleh Alrashidi.

On this occasion, Mr. Almutairi expressed his gratitude and appreciation to the Board of Directors for its precious trust to appoint him President of Gulf Monetary Council, looking forward to contributing in achieving Gulf Monetary Council objectives and tasks.

It is worth noting that His Excellency Mr. Almutairi, a Saudi citizen, has previously held several leadership positions, most notably the Deputy Governor for Research and International Affairs, Deputy Governor for Administrative Affairs at the Saudi Central Bank (SAMA), and the Alternate Executive Director for Saudi Arabia at the World Bank Group. His Excellency also worked as an Advisor to the Executive Director for Saudi Arabia at International Monetary Fund.

06 Sep 2023
Gulf Monetary Council held its 60th board meeting

The Gulf Monetary Council (GMCo) held its 60th meeting for Board of Directors, Tuesday 05 September 2023, corresponding to 20 Safr 1445, in Salalah, Sultanate of Oman.

His Excellency Ayman Alsayari, Governor of Saudi Central Bank (SAMA), chaired the board meeting, which was attended by their Excellencies the Governors of national central banks in member countries, and in addition to participation of His Excellency GMCo’s president.

During the meeting, the board discussed a number of topics on the agenda and took the appropriate decisions in their regard.

22 Mar 2023
Gulf Monetary Council held its 59th board meeting

The Gulf Monetary Council (GMCo) held its fifty-ninth meeting for Board of Directors, Tuesday 21 March 2023, corresponding to 29 Sha’ban 1444, in Muscat city, Sultanate of Oman.

His Excellency Ayman Alsayari, Governor of Saudi Central Bank (SAMA), chaired the 59th board meeting, which was attended by their Excellencies the Governors of national central banks in member countries, and in addition to participation of His Excellency GMCo’s president.

During the meeting, the board discussed a number of topics on the agenda and took the appropriate decisions in their regard.

30 Jan 2023
Workshop "Inflation: Challenges and Issues"

The Gulf Monetary Council (GMCo) in cooperation with Qatar Central Bank (QBK) held a virtual workshop on << Inflation: Challenges and Issues>> during 16-17 January 2021. The workshop hosted more than 75 participants from representatives of central banks and ministries of finance in GCC countries and international financial institutions together with GCC institutions. The workshop aimed to discuss the high inflationary pressures build-up in the economy, its reflection on economic policies, views about inflation persistence, and all these between GCC central banks. In addition, get experience of global central banks on this topic especially with surging inflations following economic development.

Participants in the workshop presented number of presentations and working papers on this topic. The presentations focused, in principle, on recent issues in inflation and impact of inflationary pressures on recent prices trend, reflection on monetary and fiscal policy stance, and shed light on role of fixed exchange rates regime to contain inflation. While working papers focused on dynamic response of domestic variables following recent economic policies based on inflation.

Participants took part in presentations are GMCo, Most GCC Central Banks, Ministry of Finance in Saudi Arabia, European Central Bank (ECB), Arab Monetary Fund (AMF) and International Monetary Fund (IMF). This, GMCo is also keen to continue holding meetings and workshops to enhance technical cooperation between national central banks, coordinate monetary policies, and dedicate efforts towards monetary stability in GCC countries.

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