The Committee of Central Banks Governors of the Gulf Cooperation Council (GCC) held its 79th meeting last Saturday, the 5th Rabi' al-Awwal 1444H  corresponding to October 1st  2022, in Dammam, Kingdom of Saudi Arabia, under the Chairmanship of His Excellency Fahad Almubarak, governor of the Saudi Central Bank (SAMA),  and in the presence of - His Excellency Mr. Ibrahim Al Zaabi, assistant governor of the Monetary Policy and financial Stability at the Central Bank of the United Arab Emirates (UAE), His Excellency Mr. Rasheed Mohammed Al Maraj, governor of the Central Bank of Bahrain, and His Excellency Mr. Taher Al Omari, chief executive officer of the Central Bank of Oman, His Excellency Shaikh Bandar Al Thani, governor of Qatar Central Bank, and His Excellency Mr. Basel Haroun, governor of the Central Bank of Kuwait, with the participation of His Excellency Dr. Nayef Al Hajraf, secretary general of the GCC - as Committee Members.

During the meeting, their excellencies the members of the Committee discussed a number of important topics related to GCC financial and monetary cooperation, including the recommendations of the committees and working groups operating under the supervision of the Committee of Governors with regard to the payment systems of GCC countries, the supervision and control measures applied to the Banking System of GGC countries, and the technologies deployed in the financial sector of GCC countries and how they are being integrated.

The Committee also discussed banking and financial sector cyber-security information exchange and all current AML/CFT (Anti-Money Laundering/Combating the Financing of Terrorism) efforts being made within GCC countries.  The meeting was concluded with a briefing on the most recent and important developments and updates regarding the phases accomplished by the Monetary Council  (GMCO) during the last period, and a review of the latest monetary and financial developments in GCC countries.