DOHA: Qatar Central Bank (QCB) Governor H E Sheikh Abdullah bin Saud Al Thani has stressed the need for GCC countries taking adequate measures to deal with any possible aftershocks of the current volatile global economic conditions.

The QCB Governor who is also the current chairman of the Committee of Governors of GCC Central Banks and Monetary Institutions was speaking at the opening session of the 62nd meeting of the Committee here yesterday.

Global economy is going through a complex time. Despite the expected recovery of some advanced economies the developments in the eurozone and their possible impact on the European Union economies are unpredictable. The emerging markets are witnessing a slowdown in their projected growth.

The falling oil prices the fluctuating international market and the ongoing political changes in the Arab region all reflect on the global economy.

“We are either witnessing a recession or slowdown in certain regional economies which demands necessary precautions to cope with any potential fallout. The GCC countries should coordinate monetary policy and unify their efforts to stabilise the financial and banking sector in order to equip themselves to serve their higher goals.

Sheikh Abdullah re-asserted that the Committee will continue its efforts to coordinate on payment systems supervision and control systems other banking-related fields and standarisation of related policies so as to serve the common objectives.

Speaking on the sidelines of the meeting Dr Mohammad Al Hashel Governor Central Bank of Kuwait (CBK) also cautioned against the challenges pertaining to the sagging world economy the sharp fall in oil prices and the back-to-back geopolitical developments in the region.

He said the Doha meet reflects the Committee’s eagerness to fortify the region’s banking sector. This will help boost the region’s growth and development.

The meeting discussed and exchanged views on monetary and financial developments in the six-member bloc.

The GCC central bank Governors also reviewed recommendations of affiliate committees and teams concerned with supervision and monitoring o the banking apparatus. Participants focused on a mechanism for exchanging information among the GCC credit data centres and member states. The senior banking and financial officials were also acquainted with the latest efforts to combat money laundering and financing of terrorism as well as arrangements for the 12the banking conference to be held in Oman during the second half of 2016 KUNA reported. Other major issues discussed yesterday included developments related to the Gulf Monetary Council.

QCB deepens capital market with QR15bn bond issuances

Doha: QCB Governor H E Sheikh Abdullah bin Saud Al Thani said the central bank is into deepening the country’s capital market. Talking to the media on the sidelines of GCC central bank Governors’ meeting here yesterday Sheikh Abdullah said the QCB has issued QR15bn in bonds to deepen the market. The Bank has been issuing QR4bn in T-Bills/Bonds every month for the past couple of years.

The main reason behind the issuance of the QR15bn worth bonds is part of the coordination between fiscal and monetary policies especially for the development of capital market in Qatar he said.

On the central bank Governors’ meeting Sheikh Abdullah said that the meeting discussed matters related to the supervision monitory and financial stability in addition to fiscal policies and coordination regarding the common market policies.

On linking payment systems between the GCC countries the QCB Governor said that work is underway and the final round of discussions will take place in the next meeting.