DOHA: Qatar chaired the 83rd GCC Central Banks Governors Committee meeting, held in Doha.
Governor of Qatar Central Bank (QCB) HE Sheikh Bandar bin Mohammed bin Saoud Al Thani, Chairperson of the current session, chaired the meeting with the participation of the governors of the GCC central banks.
In his opening address, the QCB governor lauded the impactful role of the astute policies and judicious guidance provided by the leaders of the GCC countries. He emphasized that these directives have been instrumental in fostering regional stability and growth.
In this context, he said: "The enlightened policies and strategic guidance from Their Majesties and Highnesses, the esteemed leaders of the GCC countries, have been pivotal in maintaining our region's political, economic, and social stability. These visionary directives have significantly shaped our growth trajectory, instilling a culture of innovation and initiative within our societies. This has empowered us to spearhead development and elevate the prosperity of the GCC countries."
He also acknowledged the diligent efforts of the GCC Secretariat General in facilitating the optimal conditions for convening the Central Bank Governors Committee meetings and overseeing the implementation of its resolutions. He commended the preparatory committee members for their productive work during their initial meeting held in Doha in August 2024. This session addressed various crucial issues, including both current and forthcoming initiatives in the GCC strategic plan for the Central Bank Governors Committee for the 20232027 period. The committee also presented a series of recommendations for further deliberation and decision-making.
In his remarks, the QCB governor underscored the critical need to continue strengthening collaborative efforts among the GCC member states to achieve shared goals and visions. "The enhancement of cooperative ties and joint efforts has had a profound impact on realizing our collective objectives and visions under the GCC framework. The social and economic indicators across the member states have shown remarkable improvement," he noted.
He highlighted that the economies of the Arab Gulf states now stand as competitors on the global stage, owing to their robust economic infrastructure. This infrastructure ensures financial stability, and investment security, and attracts foreign capital.
He called for concerted efforts to sustain the high standing achieved by the Gulf financial sector while adapting to evolving global economic conditions. He lauded the Central Bank Governors Committee's role in bolstering the Gulf economy.
"As a cornerstone in shaping the economic landscape of the Gulf and a staunch advocate for financial stability, our committee has been instrumental in driving the region's banking sector. Through the coordination and implementation of numerous pioneering financial and banking initiatives and the enactment of critical legislation, we have significantly advanced the financial system. This has transformed Gulf banks into exemplars of innovation and excellence, enhancing their global stature and establishing them as formidable competitors in the international financial arena," he said.
Additionally, he stressed the necessity of efficiently addressing emerging challenges and risks, particularly in light of rapid growth and the shift towards a knowledge-based digital economy. The expansion of financial technology, which supports sector growth, requires a strong foundation based on continuous communication, experience sharing, and heightened public awareness of these challenges. Establishing proactive regulatory and supervisory frameworks is essential to keep pace with changes and ensure ongoing stability.
During the meeting, the committee reviewed a comprehensive range of agenda items, leading to the adoption of well-considered decisions.
At the conclusion of the meeting, the QCB governor and chairperson of the current session of the GCC Central Banks Governors Committee extended his heartfelt wishes for continued success and achievement of the committee's efforts, as well as the various subcommittees and working groups, hoping that their collaborative efforts would significantly benefit the nations and peoples of the region.
