ID :
170647
Thu, 03/24/2011 - 21:00
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http://m.oananews.org//node/170647
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HE the Prime Minister Stresses that GCC Banking Fine
Doha, March 24 (QNA) - 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 praised achievements during the previous meetings which he said have had the biggest impact in achieving the aspirations of the GCC states for the unification of the legislations and the work methods of their financial institutions and making persistent efforts to reach a GCC monetary union , stressing that the 10th Banking Conference in Doha assumes additional importance in the face of challenges indicated by the impact of the global financial crisis over the past two years, regarding the change in local and regional economic realities or the instructions issued by the international control institutions.
He referred to the special nature of the economies of the GCC countries adopted in the growth mainly on oil and gas exports, stressing that despite the success that has been achieved so far to diversify sources of income, the oil revenues will continue for years to come the key element in securing public expenditures and supplies.
He stressed the importance of the role and contribution of other sectors in the General Domestic Product (GDP) in GCC countries, particularly the banking sector, insurance and business services, noting that the output of this sector has grown steadily in the past decades and enabled those responsible for it to achieve a stunning development in its technologies, products and working methods saying that such measures helped greatly in securing banking conditions.
HE Sheikh Hamad bin Jassim bin Jabor Al-Thani said the appropriate policies pursued by central banks in the GCC States and the support provided by the governments of the region have had an effective impact in the achievements made to this effect.
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.
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 praised achievements during the previous meetings which he said have had the biggest impact in achieving the aspirations of the GCC states for the unification of the legislations and the work methods of their financial institutions and making persistent efforts to reach a GCC monetary union , stressing that the 10th Banking Conference in Doha assumes additional importance in the face of challenges indicated by the impact of the global financial crisis over the past two years, regarding the change in local and regional economic realities or the instructions issued by the international control institutions.
He referred to the special nature of the economies of the GCC countries adopted in the growth mainly on oil and gas exports, stressing that despite the success that has been achieved so far to diversify sources of income, the oil revenues will continue for years to come the key element in securing public expenditures and supplies.
He stressed the importance of the role and contribution of other sectors in the General Domestic Product (GDP) in GCC countries, particularly the banking sector, insurance and business services, noting that the output of this sector has grown steadily in the past decades and enabled those responsible for it to achieve a stunning development in its technologies, products and working methods saying that such measures helped greatly in securing banking conditions.
HE Sheikh Hamad bin Jassim bin Jabor Al-Thani said the appropriate policies pursued by central banks in the GCC States and the support provided by the governments of the region have had an effective impact in the achievements made to this effect.
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.
