Oct 28 2008 |
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Joint GCC move needed: Cabinet
RIYADH: Saudi Arabia has supported the decisions taken by the Gulf Cooperation Council (GCC) countries to counter the negative effects of the current global economic crisis. The support was voiced at a meeting of the Council of Ministers chaired by Custodian of the Two Holy Mosques King Abdullah at Yamamah Palace in Riyadh yesterday."The council of ministers commended the decisions of the extraordinary meeting of the GCC finance ministers and central bank governors in Riyadh on Saturday in order to guarantee the strength, growth and stability of GCC economies and their banking systems. The council also supported the decision for the continued reinforcement of the monitoring capabilities of the financial sector," Culture and Information Minister Iyad Madani told the Saudi Press Agency after the meeting.
"The council affirmed the significance of continued coordination between GCC member countries in order to avert and mitigate the negative result of the global economic crisis on the economies of the region," Madani added.
The council lauded the king's recent order to deposit SR10 billion in the account of the Saudi Credit Bank so that the bank could provide more loans to the poor.
The meeting approved a memorandum of understanding for mutual consultations on political matters between the foreign ministries of the Kingdom and Germany, between the Kingdom and Egypt and between the Kingdom and France.
© Arab News 2008
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Comments By Our Users (1)
Asked if the proposed GCC monetary union was possible by 2010, [UAE Central Bank Governor] Al Suwaidi said: "Monetary Union is something and the [global financial] crisis is something else. Maybe the crisis will speed up the monetary union, not delay it",
says a Gulf News article on this site today.
(UAE banks face no risk, says Central Bank governor
28 October 2008
http://www.zawya.com/Story.cfm/sidZAWYA20081028043210/UAE%20Banks%20Face%20No%20Risk%3A%20Central%20Bank%20Governor
MAYBE,
GCC monetary union is not about having a single currency
but about having a common currency
which cannot be inflated at will by the lender of last resort?
MAYBE,
the Gulf Central Bank will not want to be like the International Monetary Fund?
IMF may need to "print money" as crisis spreads
By Ambrose Evans-Pritchard
The Daily Telegraph, Last Updated: 10:46PM GMT 27 Oct 2008
http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/3269669/IMF-may-need-to-print-money-as-crisis-spreads.html
SNIP
The International Monetary Fund may soon lack the money to bail out an ever growing list of countries crumbling across Eastern Europe, Latin America, Africa, and parts of Asia, raising concerns that it will have to tap taxpayers in Western countries for a capital infusion or resort to the nuclear option of printing its own money. UNSNIP
MAYBE,
the joint GCC move is a move aimed at restraining loans of last resort?
Those loans do indeed violate the dollar peg
http://blogs.zawya.com/goldiswealth/081020021138/
For Oman, GMU is MTM of gold reserves by GMA/GMC
Posted: 16-Sep-2008
http://blogs.zawya.com/goldiswealth/080916103310/For%20Oman%2C%20GMU%20is%20MTM%20of%20gold%20reserves%20by%20GMA%2FGMC
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