Gulf Arab central bank chiefs meet

DOHA: Central bank governors from across the wider Gulf Arab region came together for talks in the Qatari capital, Doha, on Tuesday, aiming to ratchet up cooperation and agreeing that such a measure was necessary in the face of existential

economic challenges. These gatherings are crucial in a bid to ensure sustained financial stability, which largely hinges on policy interest rates, said Qatari central bank chief Sheikh Bander bin Mohammad, citing a “slew of achievements” seen in Gulf Cooperation Council (GCC) member states that have contributed to national prosperity and development.

On the council of central bank governors, he said the body has also contributed immensely towards economic development and growth through implementing a vast array of financial and banking initiatives that proved beneficial to national economies in the region. Discussing plans to bolster financial and economic cooperation within the six-member bloc, he said more similar initiatives would follow suit in a bid to keep economic growth steady at a time of “unprecedented advancements” in financial technology.

Attending the talks, GCC secretary general Jasem Al-Budaiwi said that the talks yielded plans to hold an annual international gathering to discuss the latest financial and banking developments, with Doha set to host the first installment in September of this year. Gulf Arab states will use an event of such magnitude as a platform to illustrate some of the most notable financial and banking services that region has churned out, the GCC chief said, citing financial and economic cooperation within the bloc as the primary goal for the forseeable future. — KUNA