Allow bank branches in GCC member states

The central banks and monetary institutions chief of the Gulf Cooperation Council (GCC) called on October 9 for licensing, according to specific regulations, the operation of GCC banking branches in other member states.

Head of the Qatari delegation, governor of the Qatari Central Bank and chairman of the 25th governors' meeting Abdullah al Ateyya said upon the conclusion of deliberations that the governors referred their recommendations for final approval to the GCC finance and economic ministers.

He said that the finance ministers would refer the proposal, once endorsed during their next meeting in Doha on October 18, to the foreign ministers council before referring it to the GCC leaders at their forthcoming summit meeting in Kuwait next December.

Regarding key measures adopted to open GCC banking branches, the Qatari central bank governor told reporters after the meeting that the banking and monetary measures would serve the objective sought by the GCC countries in this respect.