Gulf bankers meet to boost cooperation

March 13, 2014 - 12:49:28 am
KUWAIT CITY: Arab central bank governors of the energy-rich Gulf met yesterday in Kuwait to discuss combating terror funding and boosting cooperation.

Central bank governors from the six states, including that of Qatar, Sheikh Abdullah bin Saud Al Thani, attended the meeting.

GCC central bank governors hold regular meetings and Kuwait’s session was their 59th. Hashel said the one-day meeting discussed the efforts of member states individually and collectively to combat money laundering and terror funding and to comply with international standards.

A long-delayed monetary union and single currency were not discussed because UAE and Oman are not part of the union after having withdrawn.

Hashel said GCC states were still facing key economic challenges despite huge wealth from oil, particularly the “increasing dependence on oil income to finance budgets and the rise in current spending,”.AFP