Council news

Gulf Monetary Council held its 55th board meeting

Workshop "Transition from LIBOR & reviewing interest rates benchmarks (IBORs)"

The Gulf Monetary Council (GMCo) in cooperation with the Central Bank of Kuwait (CBK) held a virtual workshop on <<Transition from LIBOR & reviewing interest rates benchmarks (IBORs)>> during 29-30 November 2021. The workshop hosted more than 50 Participants from representatives of natioal central banks in GCC countries and international financial institutions, where the workshop aimed to discuss technical developments and exchange experiences between natioanl central banks in GCC countries together with purpose of benefiting from the experiences of international working groups in this field in line with the global trend towards LIBOR transition.

The workshop also allowed the participants to view the recent developments related to LIBOR transition at regional and global level, reviewing the interbank offered rates in the local markets as efforts to adopt risk-free interest rates, and determining the impact of this transition on monetary and financial stability in the GCC countries.

The workshop addressed a number of technical topics, starting with the principles and frameworks applied for the transition including the financial, legal and accounting aspects, as well as a review of recent developments and other technical topics. The workshop was attended by GMCo, GCC central banks, the working group under Central Bank of England, the UK Financial Supervisory Authority and the European Financial Markets Authority.

GMCO is keen to continue holding meetings and workshops in pursue of monetary stability in GCC countries.

The Board of Directors appoints the Governor of Qatar Central Bank as Chairman

The Board of Directors held its fifty-fourth meeting on Wednesday, November 24, 2021, corresponding to Rabi’ al-Akhir 19, 1443, at Monetary Council premises in Riyadh city. The board meeting was attended by their Excellencies the Governors of national central banks in member countries. During the meeting, His Excellency Sheikh Bandar bin Mohammed bin Saoud Al-Thani was selected as Chairman of the Board of Directors, and His Excellency Dr. Fahad bin Abdullah Almubarak as Vice Chairman , for the next term as of January 1, 2022 and for a period of one year. The Board resolution came in implementation of 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 Sheikh Bandar bin Mohammed bin Saoud Al-Thani is currently the Governor of the Qatar Central Bank, as well as His Excellency Dr. Fahad bin Abdullah Almubarak, Governor of the Saudi Central Bank. Accordingly, the Gulf Monetary Council wishes all success to the Chairman and Vice Chairman of the Board of Directors in the next term . The Monetary Council also thanks the former Chairman of its Board, His Excellency Dr. Mohammad bin Yousef Al-Hashel, Governor of the Central Bank of Kuwait, for his efforts and wise management during the previous term.

Liquidity Forecasting and Management workshop

CBK Hosted a Workshop Held by the Gulf Monetary Council on Liquidity Forecasting and Management.

The Gulf Monetary Council, in cooperation with the Central Bank of Kuwait (CBK), held the "Liquidity Forecasting and Management" workshop in Kuwait City on 6-7 October 2019. The aim of the workshop was to increase GCC capacity building, knowledge transfer and shared experiences from leading institutions.

Liquidity Forecasting and Management workshop

High-level Meeting “Statistical Status for Economic and Monetary Integration in the GCC Countries”

Gulf Monetary Council (GMCo) in collaboration with Central Bank of Kuwait (CBK) organized, on December 19, 2018 in Kuwait City a High-level Meeting on discussing a joint report “Assessment of Statistical Readiness for Economic and Monetary Union in the GCC Region”. The meeting successfully attended with a strong participation from all relevant national authorities  in GCC countries (such as: NCBs; National Statistical Centers (NSCs); Ministries of Finance etc.) and GCC & regional institutions (Secretariat General, GCC-Stat, EDAC, AMF).
The main discussion among participants focused, in principle, on the current status of data dissemination standards as documented by joint report in addition to other international sources such as IMF and regional agencies. However, All GCC countries are still on e-GDDS with relative discrepancy among countries in comply with that depending on progress in adopting methodologies and international statistical standards.
Based on the importance of this topic, and in order to fulfill all requirements in a way that pursue the ultimate goals, whether at the national or GCC level. The joint meeting after discussion concluded with consensus to adopt IMF Special Data Dissemination Standard, provided that the Monetary Council, in cooperation with the GCC-Stat, should follow up with recommendations and submit a report on that to the Board of  Directors