Posted on March 24, 2011

Under the patronage of HE Prime Minister And Foreign Minister Sheikh Hamad Bin Jassim Bin Jabor Al Thani, HE Governor of Qatar Central Bank (QCB) Sheikh Abdullah Bin Saud Al Thani inaugurated at the Ritz Carlton Doha Hotel here on Thursday the 10th GCC banking conference held under the title,''The Gulf banking action and its role in development in the GCC members in light of present developments''.

The governors of banks and other monetary institutions in the Cooperation Council for the Arab States of ther Gulf (GCC) member states and a number of senior gulf banking officials are attending the conference.

In his opening address, HE Sheikh Abdullah Bin Saud Al Thani asserted that the complications of the global financial crisis which hit the world in 2008 has boosted the role played by the credit data centers in the GCC member states.

''These centers will have, from now on, a bigger role for supporting and consolidating the banking activities and diminishing the size of hazards the banking sector is now witnessing, he said.

Elaborating the QCB Governor called for enhancing coordination, cooperation and reciprocating of expertise among the GCC data centers to help upgrade the gulf banks' activities and further enhance their future success.

Qatar Credit Bureau (QCB) inaugurated earlier Monday, has managed in a relatively short time to cover all data related to the individuals and corporations'sectors, said HE sheikh Abdullah Bin Saud Al Thani.

Highlighting the march of GCC joint action which sped up since 2002, HE the QCB governor said the GCC march has so far realized significant accomplishments including the ratification of the Gulf Common Market and the establishment of the Gulf Monetary Council but failed to issue the Gulf Common Currency.

HE Sheikh Abdullah Bin Saud Al Thani has called upon the parties concerned at the GCC general secretariat, the central banks, the GCC monetary agencies, the Gulf Monetary Council and the financial institutions to collectively act for translating aspirations and directives of the GCC leaders into thoroughly studied steps to materialize the cherished goals.

However, HE the QCB governor told the conferees that such issue will gain more concern and attention during the second session of the conference.

source: QNA