Satyendra Pathak
Doha
Qatar recently hosted the inaugural annual conference focused on enhancing joint cooperation among central banks in the GCC countries.
The event, titled "The Impact of Exchange Rate Policy, Digital Transformation, and Artificial Intelligence on Financial and Monetary Stability in GCC Countries,” featured a key discussion with the governors of central banks from Qatar, Saudi Arabia, Oman, and Bahrain.
Speaking on the occasion, Qatar Central Bank Governor Sheikh Bandar bin Mohammed bin Saud Al Thani highlighted the success of GCC countries in maintaining moderate inflation and low interest rates.
Sheikh Bandar emphasised the benefits of the fixed exchange rate policy, noting its role in stabilising GCC economies, attracting foreign investment, and curbing inflation. Despite the challenge of limited monetary policy independence, the advantages, such as economic diversification and reduced project costs, far outweigh the drawbacks. page 8