KUWAIT CITY, March 12 — Gulf countries should carefully respond to different challenges facing the region to ensure sustainable economic prosperity, Mohammad Al-Hashel, Governor of the Central Bank of Kuwait (CBK), said on Monday.
He made the remarks in a speech at the opening ceremony of the 69th meeting for Gulf Cooperation Council (GCC) committee of central banks and monetary institutions’ governors.
Saying that regional changes come at the same time with huge global economies changes, he said monetary policies and openness of Gulf region to global markets have also affected the GCC countries’ economies.
He affirmed the need of taking into consideration precautionary measures to predict and face these changes through studies and researches that would help in strengthening and stabilizing “our financial and monetary status.”
Central banks of the GCC countries must continue playing an active role toward facing these challenges through ensuring immunity of Gulf states’ economies, solidifying monetary and financial stability, supporting economic and structural reforms aimed at creating economic diversification, he noted.
Strong policies depend on reducing reliance on oil resources, developing national human resources, creating an investment climate and increasing private sector participation in boosting economy, he said.
“This meeting represents a new step toward further achievements in the field of Gulf economic, monetary and financial work,” he said.
The one day meeting aims to strengthen sponsoring policies and programs to enhance financial and banking stabilization and develop the infrastructure of the payment and settlements methods in the GCC’s countries.