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Four GCC nations plan unified bank regulation
Gulf nation officials will get together today, to discuss unified regulations for supervisions of their banks. This forms a part of plans to bridge the gap between their financial and economic systems, ahead of launching a landmark monetary union.
The officials from Bahrain, Qatar, Kuwait and Saudi Arabia, forming the Banking Control and Supervision Committee, will review draft legislation for unifying such practices before submission of their final draft to Central Bank governors.
The GCC nations have already assigned a regional consultancy firm to study common banking regulations to be enforced in the monetary union.
The GCC Heads of State had endorsed the long-awaited currency union during their annual summit held in Kuwait in 2009. The currency union is the first such monetary project in the Middle East and the second major currency union in the world after the European Union.
The UAE and Oman have quit the union for various reasons, leaving the four members to pursue the project. The union was launched last year, although the creation of a single currency could take at least five years time.
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