- Title: SAUDI ARABIA: Saudi Arabia names Muhammad Al-Jasser as Gulf central bank chief
- Date: 31st March 2010
- Summary: RIYADH, SAUDI ARABIA (MARCH 30, 2010) (REUTERS) (** FLASH PHOTOGRAPHY **) VARIOUS OF GCC BANK GOVERNORS AND GCC SECRETARY GENERAL SITTING AROUND TABLE MEMBERS OF DELEGATIONS SEATED (SOUNDBITE) (Arabic) GCC SECRETARY-GENERAL ABDULRAHMAN AL-ATTIYAH SPEAKING AT OPENING OF MEETING SAYING: "We hold on to the hope of completing the monetary union with memberships of the two brotherly states of the UAE and Oman, which both represents great symbols of support in the Cooperation Council with their contribution in projects to increase the integration of all, since the blessed launch in 1981 in the city of Abu Dhabi." GCC DELEGATES LISTENING TO GCC SECRETARY COUNCIL GCC MONETARY COUNCIL MEMBERS LEAVING MEETING HALL BANNER READING IN ARABIC: 'First meeting for GCC monetary council' SAUDI ARABIA'S CENTRAL BANK CHIEF MUHAMMAD AL-JASSER SEATED FOR NEWS CONFERENCE (SOUNDBITE) (Arabic) SAUDI ARABIA'S CENTRAL BANK CHIEF MUHAMMAD AL-JASSER IN A NEWS CONFERENCE SAYING: "Among the decisions issued by for subjects discussed were the following: First, Saudi Arabia's central bank chief Muhammad bin Sulayman al Jasser will be head of the Gulf Monetary Council for one year starting of 30-03-2010 and central bank governor of Bahrain Rasheed al Maraj will be his deputy." PHOTOGRAPHER (SOUNDBITE) (Arabic) SAUDI ARABIA'S CENTRAL BANK CHIEF MUHAMMAD AL-JASSER IN A NEWS CONFERENCE SAYING: "I do not want our citizens to expect that by establishing the Monetary Council and establishing the central bank, will solve all economic problems which are beyond the scope of the central bank."
- Embargoed: 15th April 2010 13:00
- Keywords:
- Location: Saudi Arabia
- Country: Saudi Arabia
- Topics: Finance
- Reuters ID: LVACQWHW7D5O1164TVZY9BRCQOGA
- Story Text: Muhammad Al-Jasser of the Saudi Arabian Monetary Agency will be the first chairman of the Gulf monetary council, expected to be the precursor to a common central bank, Al-Jasser said on Tuesday (March 30).
Saudi Arabia's central bank chief was named on Tuesday (March 30) as head of the Gulf monetary council, a precursor to a planned Gulf central bank, underscoring Saudi dominance in the single currency project.
Muhammad Al-Jasser, head of the Saudi Arabian Monetary Agency, will be the council's first chairman.
"Among the decisions issued by for subjects discussed were the following: First, Saudi Arabia's central bank chief Muhammad bin Sulyman al Jasser will be head of the Gulf Monetary Council for one year starting of 30-03-2010 and central bank governor of Bahrain Rasheed al Maraj will be his deputy," Al-Jasser said at the inaugural meeting.
The council comprises the four Gulf states working on creating a single currency -- Saudi Arabia, Bahrain, Qatar and Kuwait -- and is expected to lay the foundations for a regional central bank as well.
The United Arab Emirates dealt the project a blow when it quit in May 2009 over a decision to locate the council in the Saudi capital, fearing it could give Saudi Arabia more control over the union. Oman withdrew in 2006.
Jasser said on Tuesday that the monetary council would not set a deadline for the launch of a common currency, which has been under discussion for a decade.
GCC Secretary General Abdulrahman al-Attiyah reiterated hopes that the UAE and Oman would rejoin.
"We hold on to the hope of completing the monetary union with memberships of the two brotherly states of the UAE and Oman," he said at Tuesday's meeting.
Both countries have said they were not considering rejoining the monetary council.
Jasser also warned the Gulf Arab region "not to fall into a trap of excessive expectations" about the monetary union.
"I do not want our citizens to expect that by establishing the monetary Council and establishing the central bank, will solve all economic problems which are beyond the scope of the central bank," Al-Jasser said.
A Reuters poll forecasts Gulf states, which mostly peg their currencies to the dollar, will not adopt a common unit until 2015. - Copyright Holder: REUTERS
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