Qatar Chairs 1st Preparatory Committee Meeting for GCC Central Banks’ Governors

The State of Qatar chaired the first meeting of the Preparatory Committee of the Central Bank Governors Committee of the GCC countries, which was held yesterday in Doha, Qatar, in its capacity as the current presidency.

The meeting was chaired by Hamad Ahmed Al Mulla, Assistant Governor for the Supervision Sector at the Qatar Central Bank, who, in his opening speech, praised the role and tasks of the Preparatory Committee, indicating that this committee will form a platform for preparing well for the meetings of the governors of the GCC central banks, in addition to following up on and implementing the decisions and recommendations issued by them, proposing joint topics and initiatives related to monetary and banking affairs.

The Assistant Governor for the Supervision Sector at the Qatar Central Bank stressed the importance of enhancing cooperation based on the directives of the governors of the GCC central banks, and their recommendations on the necessity of ensuring the stability of financial markets and achieving common economic goals, in light of their emphasis on the importance of exchanging experiences and developing effective policies in order to build strong and flexible financial systems.

Al Mulla stressed that the first meeting of the Preparatory Committee comes at a time characterised by the accelerating pace of challenges and the emerging opportunities, which makes it necessary to keep pace with these developments.

The Assistant Governor for the Supervision Sector at the Qatar Central Bank also explained that the discussions of the first meeting of the Preparatory Committee for the eighty-third meeting of the Central Bank Governors Committee of the GCC countries, which will be held next month, will form a road map that includes the most prominent topics that will be presented during the meeting of GCC Central Bank Governors Committee.

Al Mulla pointed out that these discussions will contribute to formulating effective strategies that enhance financial and economic stability in the region, and in a way that achieves a qualitative shift in the financial sector, which is witnessing fundamental transformations as a result of the growth of modern technology and the growth of the uses of artificial intelligence and its applications in financial services.

It is noteworthy in the same context that the establishment of the preparatory committee was approved on the sidelines of the eighty-second ​​meeting of the Central Bank Governors Committee of the GCC countries, which was hosted by the State of Qatar last March, in its capacity as the current presidency of the GCC meetings.