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GCC panel to study draft rules on Monetary Union

A high-level 17th meeting of GCC Technical Committee for the Monetary Union discussed several important issues within the GCC schedule for Monetary Union and issuance of the common currency. Sultan bin Nasser Al Suwaidi, Governor Central Bank of the UAE, chaired the meeting, which was also attended by Mohammed Obeid Al Mazroui, Assistant Secretary General-Economic Affairs and Dr Nasser Ibrahim Al Qaoud, Director of the Monetary Division at the GCC General Secretary, delegates from GCC countries and members of the committee.

The meeting took up a study prepared by the Central Bank of the UAE on adequacy of the Monetary Authority's reserves of foreign currency for covering value of commodity imports of the GCC countries. It also discussed a recommendation of the second meeting of the Work Team assigned to study specifications, denominations, designs, issuance and launching mechanism of the unified currency.

The committee reviewed the GCC General Secretariat's report on the workshop on the monetary and financial statistics, which was held in July in collaboration with the IMF.

The GCC top financial officials also reviewed suggestions to the paper on GCC progress presented by Kuwait during the 8th consultation meeting of the GCC Supreme Council. The committee reviewed report and recommendation of delegation of the Technical Committee for Payment Systems on their visit and meeting with officials at the European Central Bank and the Deutsche Bank.