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HE the Prime Minister Stresses that GCC Banking is Fine

25 - 3 - 2011
HE The Prime Minister and Foreign Minister Sheikh Hamad bin Jassim bin Jabor al-Thani has stressed that the banking reality in GCC countries is fine, hoping that it would remain so in the future. Addressing the first session of the 10th GCC Banking Conference today, HE the Prime Minister and Foreign Minister said " our ambitions have no limits in light of the aspirations of the GCC leaders for a promising future and a prosperous and sustainable development of the GCC countries' peoples''. He underlined the need to achieve the required balance between economic growth on the one hand and financial stability and price control on the other.
HE Sheikh Hamad bin Jassim bin Jabor al-Thani said the march of the GCC countries aimed at establishing a GCC monetary union made important strides by the establishment of the GCC Monetary Council, adding: " if the dream of a single Gulf currency has become imminent, I am confident that the aspirations of our peoples in unity will accelerate the achievement of this dream not for the four countries participating in the Monetary Council only, but all the GCC states".

HE the Prime Minister and Foreign Minister said GCC states success at the present time in overcoming the consequences of the global financial crisis will not releive them from the responsibility of careful research into the details of everything that has happened in order to take lessons and to avoid the repetition of what happened again in the future .. "If the international regulatory institutions took it upon themselves to tighten controls on bank transactions in order to protect the funds of depositors and shareholders and to attain financial stability of countries, Gulf central banks and their regulatory bodies in particular have to take it seriously and quickly to secure the conditions of local banks with taking all required measures and decisions," Sheikh Hamad bin Jassim said.
He stressed that if any serious work is not free of errors, the successful continuation of the drive requires the correction of mistakes and modification of their impact in the appropriate time, looking forward that meetings and discussions supported by the GCC General Secretariat would achieve all that is useful and suitable for application in GCC countries.
He called on the Conference's current session and future sessions to work to remove obstacles hampering the acceleration of the completion of the desired goal and to work to improve banking systems in GCC countries to match the ranks of those in countries with developed economies.
Afterwards, HE Sheikh Hamad bin Jassim bin Jabor al-Thani inaugurated and toured the pavilions of the Conference's accompanying exhibition in which a number of banks and financial institutions operating in the country are taking part.

Source: Qatar News Agency
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