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Governors of Central Banks in GCC begin meeting in Abu Dhabi

posted on 10/09/2006: 925 views

Governors of Central Banks in Gulf Cooperation Council (GCC) began their 41st meeting in Abu Dhabi yesterday under the chairmanship of Sultan bin Nasser Al Suweidi, Governor of the UAE Central Bank.

In his inaugural speech, Al Suweidi said the meeting would discuss, among other issues, the organisational and legal framework for the GCC's monetary authority in addition establishment of a GCC bank.

"The European Central Bank, at the behest of the GCC Secretariat, has finalised a draft for the GCC monetary authority. Now that this draft is ready, GCC states will be required to promulgate a law or protocol which should be adopted for the establishment of the common GCC monetary union", Al Suweidi told the meeting.

The meeting of the governors, he added, will discuss monetary policies and eventual issuance of GCC currency.

For his part GCC Assistant Secretary General Mohammed Obaid Al Mazroui said the meeting of the governors will also review issues to ensure that the January 2010 dateline slated for the issuance of the currency is met.

Meanwhile, the UAE capital will host the 36th extraordinary meting of the GCC custom union.

"This meeting is being held on the request of the UAE and it will discuss the post 2007 era of the custom union", said Mohammed Fahd Al Muhairi, Director General of the Federal Custom Authority (FCA) Saeed Al Merri, Deputy Director General of said the meeting was important to resolve the outstanding issues that should have been resolved during the interim period from 2003 to 2005.

"The UAE views the custom union as a significant step towards realising the aspirations of the GCC citizens. That's why we are pushing through the interim period so that the union is declared afterwards", said Merri.

He pointed out that the UAE will request the meeting to form arbitration committees to look into disputes that may arise. He added that the UAE stands to benefit from the customs union by virtue of its strategic location. "For instance, custom clearance recorded 300 million from 2003 June 2006, of which the UAE covers 70 per cent, that is, around 215 million", he said. (Emirates News Agency, WAM)


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