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  The GCC Governors of Monetary Institutions and Central Banks hold a Meeting via "Visual Communication" to discuss the Economic Effects of the Coronavirus Pandemic

GCC- Riyadh
At the invitation of HE the Governor of the Central Bank of the United Arab Emirates, the GCC Governors of the Monetary Institutions and Central Banks, with the participation of HE the Secretary General of the Gulf Cooperation Council held on Sunday, 15 March 2020 a meeting via "Visual Communication", to discuss the economic effects of the Coronavirus Pandemic (COVID-19). This is based on their role that aim to enhance financial stability, support the economies of the GCC States and protect consumers and companies, and stand with the private sector and support it to enable it to play its role in enhancing the economic growth under the current exceptional circumstances, based on the available monetary policy instruments and precautionary policies.
During the meeting, they reviewed the steps and measures taken by member states through Monetary Institutions and Central Banks to increase the confidence in the economy and improve the business environment, support the private sector and enable it to play its role in enhancing economic growth, and to mitigate the financial and economic impacts of the new Coronavirus (COVID-19). That included programs to support the financing of small and medium enterprises, deferred payments programs, lending financing programs, and programs to support financing guarantees. Their Excellencies expressed their satisfaction with these steps, procedures and measures that will contribute, God willing, to support the economy during this stage, and to preserve the strength of the financial and monetary system.
The GCC Governors of Monetary Institutions and Central Banks have emphasized the strength of the banking sector in the GCC States and its ability to face challenges and crises, and they are closely monitoring the effects of potential repercussions in order to ward off risks and take the required measures.
They also stressed that the Monetary institutions and Central Banks in the GCC States will continue using all available monetary policy instruments to achieve strong, sustainable, balanced and comprehensive growth, and to prevent the negative risks of this Pandemic on the global economy, and as part reviewing the measures aimed at tackling the new Cornavirus.
The GCC Governors of Monetary Institutions and Central Banks instructed the GCC General Secretariat to prepare weekly reports on the steps taken by Member States to prevent the negative risks of the new Cornavirus (COVID-19) to be provided to Member States.