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.