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MONETARY AGENCIES AND BANKS' GOVERNORS HOLD MEETING IN MANAMA
Manama,21st Apr 2001

    THE GOVERNORS OF MONETARY AGENCIES AND CENTRAL BANKS OF THE ARAB GULF COOPERATION COUNCIL (GCC) STARTED THEIR 31ST MEETING HERE ON SATURDAY UNDER THE CHAIRMANSHIP OF THE GOVERNOR OF BAHRAINI MONETARY AGENCY, SHEIKH AHMED BIN MOHAMMED AL KHALIFA.

THE MEETING FOCUSED ON IMPLEMENTING A DECISION ON APPROVAL OF THE U.S. DOLLAR AS A COMMON DENOMINATOR FOR GCC CURRENCIES TO PAVE THE WAY FOR UNIFICATION OF THESE CURRENCIES ACCORDING TO THE UNIFIED ECONOMIC AGREEMENT.

THE GOVERNORS ALSO DISCUSSED REPORTS ON COMBATING MONEY LAUNDERING AND OTHER TOPICS .

IN AN ADDRESS ON THE OCCASION, THE GCC SECRETARY GENERAL, JAMEEL AL-HUJAILAN STRESSED THAT THE UNIFICATION OF CURRENCIES WILL BRING MANY ADVANTAGES TO THE GCC COUNTRIES AND THEIR PEOPLES IN THE FIELDS OF MOVEMENT OF COMMODITIES , SERVICES AND INCREASE IN COMMERCIAL EXCHANGES.

HE SAID THE SUPREME GCC COUNCIL, WHICH HELD RECENTLY A MEETING IN BAHRAIN HAD DIRECTED THE COMMITTEES OF FINANCE AND ECONOMY AND GOVERNORS OF THE MONETARY AGENCIES AND CENTRAL BANKS TO WORK OUT A TIME-FRAME PROGRAM TO ACHIEVE A HIGHER LEVEL OF PROXIMITY AMONG MEMBER STATES IN ALL ECONOMIC POLICIES NOTABLY FINANCIAL MATTERS.

Source: SPA

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21 April 2001 02:14:44 PM

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