The GCC Committee of Governors of Monetary Institutions and Central Banks held the 72nd meeting on Thursday, 21 March 2019, in Muscat, Oman; under the chairmanship of HE Tahir Bin Salim Bin Abdullah Al Amri, Executive President of the Central Bank of Oman, with the participation of their excellencies the GCC Governors of monetary institutions and central banks, and HE Dr. Abdullatif bin Rashid Al-Zayani, The Secretary General of the Gulf Cooperation Council.
In his opening speech, HE Tahir Bin Salim Al Amri, stressed that this meeting comes to continue the ongoing cooperation and integration among the GCC states, and emphasize the importance of coming together to exchange experiences and coordinate between the GCC monetary authorities, especially in view of the escalating challenges facing the global and regional economic environment.
He said that more than four years after the start of the new oil era, which had a significant impact on the GCC economies, it is important to synergize and unite to deal with this turn that has its repercussions on various economic, financial and monetary aspects, noting the importance of the progressive curve that characterized the measures taken to deal with it in terms of maintaining the smooth economic performance of the short-term while enhancing the medium-term sustainability and comprehensiveness in order to provide the necessary prevention facing future challenges and optimal utilization of oil revenues.
HE Tahir Bin Salim Al Amri said that due to the great responsibility placed on the monetary authorities and central banks, which is to maintain monetary and financial stability, it is expected of them during the coming period to adopt new regulations that will enhance their readiness to deal with the developments of Financial Technologies and impose the appropriate terms and controls.
He stressed the importance to advance in the area of payments and settlements to reduce the cost of transactions and promote investments and intra-trade. He also praised the progress made in this regard, establishing the GCC Payment Systems Co, which is one of the important results of the GCC cooperative efforts that is expected to lead to a significant progress in inter-payments in terms of cost reduction, as well as creating added value that enhances economic growth in the region.
In his speech, the Secretary General Dr. Abdullatif bin Rashid Al-Zayani expressed his deep appreciation and gratitude for the sincere efforts of the Sultanate of Oman to promote the GCC blessed journey, and the support and attention the GCC joint work receives from His Majesty Sultan Qaboos bin Said, and the Omani government, asking the Almighty to preserve the Sultanate of Oman and its noble people the blessing of security and safety, and crown the efforts of its wise leadership to achieve further progress , prosperity and fulfill the aspirations of its people.
Dr. Al-Zayani congratulated the GCC Governors of the Monetary Institutions and the Central Banks on the initiation of this blessed session, under the chairmanship of the Sultanate of Oman, Looking forward to a successful session full of achievements and fruitful work. He praised the sincere efforts of the GCC Governors in promoting the financial and monetary cooperation and integration among the GCC states, which has had a major impact on its achievements that have been reflected in the GCC economic process, which their Majesties and Highnesses, the leaders of the GCC states care deeply about, and keen to further develop and prosper.
 The Secretary General stated that the GCC Committee of Governors of Monetary Institutions and Central Banks has achieved a lot to enhance coordination, cooperation and integration in the financial and monetary fields among GCC states, expressing the hope that this meeting will add another brick in the process of economic integration through approving the issues on the agenda, including the recommendations of committees and working groups under the GCC Committee of Governors that would enhance the GCC economic collaborative work and advance its march forward.
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