QCB Governor Urges GCC to Be Wary of Economic Repercussions

Doha, September 02 (QNA) - HE Qatar Central Bank (QCB) Governor Sheikh Abdulla bin Saoud Al-Thani, who is president of the current session of the committee for governors of GCC central banks and monetary institutions, has urged GCC states to take the necessary precautions and measures necessary to cope with any possible repercussions on their economies as a result of the current economic conditions. Speaking at the opening of the 62nd meeting for the committee, HE Sheikh Abdulla bin Saoud said the meeting comes at a time the world is undergoing general economic developments. Despite expectations of recovery for some advanced economies, the QCB governor added, economic performance is affected by developments in the euro zone and their expected repercussions on European Union economies, coupled with slowing growth in emerging markets and developments and fluctuations in the international oil market in light of falling oil prices and political changes in the Arab region. He added that there is a recession and a slowdown of growth in some of the region's economies, which requires taking the necessary precautions to cope with any potential fallout, pointing out that GCC countries are concerned in the first place with coordinating monetary policy and unifying their efforts to achieve financial and banking stability in order to serve the higher goals of GCC based on the principles and foundations that have been agreed upon and directives of GCC leaders. HE Sheikh Abdulla bin Saoud said the committee continues to coordinate on payment systems, supervision and control systems and the rest of fields related to banking and standardization of relevant policies so as to serve the mutual objectives. Concluding his remarks, the QCB governor said the agenda is full of important topics that need studying and wise examination, expressing hope that appropriate decisions will be made to serve the interests and ambitions of GCC states. (QNA)