Tribune News network
Beijing
The State of Qatar hosted and chaired the 83rd meeting of the GCC Central Banks Governors Committee in Doha, under the leadership of Sheikh Bandar bin Mohammed bin Saoud Al Thani, governor of Qatar Central Bank (QCB) and chairperson of the current session.
The meeting saw the participation of governors of GCC central banks, highlighting a collective commitment to enhancing regional economic cooperation and financial stability.
In his opening address, the QCB governor praised the influential role of the GCC leaders’ strategic policies and guidance, which have been instrumental in promoting regional stability and growth. He said, “The enlightened policies and strategic guidance from 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.”
Sheikh Bandar further acknowledged the diligent efforts of the GCC Secretariat General in facilitating the optimal conditions for the committee meetings and implementing its resolutions. He also commended the preparatory committee for their productive work during their initial meeting held in Doha in August 2024, where they addressed key issues and initiatives outlined in the GCC’s strategic plan for the Central Bank Governors Committee for the 2023-2027 period.
The QCB governor underscored the importance of strengthening cooperative ties among GCC member states to achieve shared objectives. He noted that the enhancement of collaborative efforts has significantly contributed to improving social and economic indicators across the member states. “The enhancement of cooperative ties and joint efforts has had a profound impact on realizing our collective objectives and visions under the GCC framework,” he said.
Highlighting the GCC economies’ growing prominence on the global stage, Sheikh Bandar attributed this success to the region’s robust economic infrastructure, which ensures financial stability, investment security, and attracts foreign capital. He called for continued efforts to sustain the high standards achieved by the Gulf financial sector while adapting to evolving global economic conditions.
Sheikh Bandar lauded the committee’s pivotal role in bolstering the Gulf economy, noting its influence on shaping the economic landscape of the region. “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,” he said. He highlighted the committee’s success in advancing the financial system through coordination, pioneering financial initiatives, and the enactment of critical legislation.
The QCB Governor stressed the need to address emerging challenges, particularly those arising from the rapid growth of financial technology and the shift towards a knowledge-based digital economy. He emphasised the importance of establishing proactive regulatory and supervisory frameworks to ensure ongoing stability and support sector growth.
During the meeting, the committee reviewed a comprehensive range of agenda items and adopted well-considered decisions aimed at further strengthening the region’s financial stability and economic resilience. At the conclusion, Sheikh Bandar extended his heartfelt wishes for continued success to the committee, subcommittees, and working groups, expressing hope that their collaborative efforts would significantly benefit the GCC nations and their people.
The 83rd GCC Central Banks Governors Committee meeting in Doha reaffirmed the commitment of the Gulf states to enhance financial cooperation, address emerging economic challenges, and drive sustainable growth in the region.
