The Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group each year bring together central bankers, ministers of finance and development, private sector executives, and academics to discuss issues of global concern, including the world economic outlook, poverty eradication, economic development, and aid effectiveness. Also featured are seminars, regional briefings, press conferences, and many other events focused on the global economy, international development, and the world’s financial system. This year’s Annual Meetings events will take place in Tokyo, October 9-14, 2012.
Archive for the ‘GCC’ Category
IMF/World Bank Annual Meetings; Oct 9-14 2012
Posted: September 17, 2012 in Asian Currency Markets, Euro, GCC, Iraqi Dinar/Politics, South/Central America, Top Headlines, US EconomyTags: Annual Meetings, bank, Board of Governors, Central Bank Iraq, IMF, International Monetary Fund, Tokyo, World Bank Group
Egypt’s Central Bank will drop zeros from currency despite calls to delay
Posted: May 31, 2012 in GCCTags: Baghdad, Central bank, Central Bank Iraq, Central Bank of Egypt, Committee, Government, Iraq, Iraqi dinar
Member of the Committee on economy: Central Bank of Egypt to implement project delete zeros despite calls delayed
Date: Thursday, 31-05-2012 09: 07 am
Baghdad (newsletter) … Economic Committee member confirmed Deputy/Iraqi/coalition, determination albegari Noora Central Bank to implement the draft deleted three zeros from the currency early next year despite calls for postponement, noting that he agreed in principle with corporate promotional currency and typographical errors. (more…)
Defense Minister confirmed that Iraq seeks to join (GCC) Gulf Cooperation Council
Posted: May 30, 2012 in GCC, Iraqi Dinar/Politics, Top HeadlinesTags: Arab, Arab states of the Persian Gulf, Arabism, Basra, Cooperation Council for the Arab States of the Gulf, Iraq, Iraqi people, kuwait
TUESDAY, MAY 29 / MAY 2012 20:09
said Iraqi Defense Minister Saadoun al-Dulaimi agency on Tuesday that his country is seeking to enter in the system of the Cooperation Council for the Persian Gulf states.
Dulaimi said in a statement reported for ” Twilight News “that” this (accession) as Iraqis hope, and we will be an active and important role in the Council. ” (more…)
Iraq poses currency union project to the Arab ministers of economy
Posted: March 28, 2012 in GCC, Iraqi Dinar/Politics, Top HeadlinesTags: Arab, Arab League, Arab people, Baghdad, European Union, Iraq, Kofi Annan, Syria
Baghdad, March 27 / March (Rn) – The Iraqi Ministry of Finance that it presented to the Ministers of Economy and Finance Forum project currency union between the Arab countries at the meeting held on Tuesday in Baghdad in the framework of the preparation of economic files to be presented to Arab leaders at their summit on Thursday.
He said Finance Minister Rafie al-Issawi, told the Kurdish news agency (Rn) that “the Iraqi delegation to introduce a single currency at a meeting of Arab ministers of economy and the similarity of the euro to the European Union.” (more…)
GCC leaders to hold their 32nd summit today amidst exceptional circumstances
Posted: December 19, 2011 in GCCTags: Cooperation Council for the Arab States of the Gulf, GCC, Gulf Cooperation Council, iran, Riyadh, Secretary-General of the United Nations, Tehran, Yemen
Politics 12/19/2011 11:01:00 AM
RIYADH, Dec 19 (KUNA) — Leaders of the Gulf Cooperation Council (GCC) will convene their 32nd summit on Monday amidst exceptional regional circumstances.
The leaders will discuss upon arrival today to Riyadh a number of political, security and economic challenges facing the GCC states and the region.
The latest developments on the regional and international arenas impose a reality that must be addressed by the GCC leaders especially amidst the changes taking place in a number of Arab states and the relation between Iran and the world community regarding the Tehran’s nuclear file. (more…)
GCC Summit set to begin December 19-20
Posted: December 17, 2011 in GCCTags: Arab League, Cooperation Council for the Arab States of the Gulf, GCC, iran, Iraq, kuwait, Kuwaiti, Saudi Arabia
GCC summit due with achievements in record, current challenges
The 32nd GCC summit is due to be held in Saudi Arabia on December 19-20 against the background of a chain of achievements at the levels of coordination and integration and amid diverse regional and international challenges.
The GCC, the six-seat Gulf Cooperation Council, was established on May 25, 1981, coinciding with a regional war that pitted Iran against Iraq.
Statute of the bloc stipulated that the joint council was set up on the basis of distinctive ties, identical beliefs and doctrines bounding peoples of the Gulf countries, namely Islam, belief in joint destiny, unity of goals and joint desire for closer coordination and integration among the six member states. (more…)
IMF questionable of a GCC monetary union
Posted: December 11, 2011 in GCCTags: Arab states of the Persian Gulf, Asia, Cooperation Council for the Arab States of the Gulf, Currency Union, GCC, International Monetary Fund, kuwait, reuters, United States
BAGHDAD – Babinaoz (Reuters) – A report to the IMF doubts about the achievement of monetary union plans Gulf because of the low correlation between the economies of those countries and the varying financial policies have, and comes at a time when there are factors more common among the economies of Gulf countries and the United States and Asia, which raises the possibility of exposure to shocks and threatens the efforts of these countries to diversify their economies.
The report, published in the “homeland” of Kuwait that the lack of integration between the countries of the region reflects the trade and financial flows between these low-lying states. (more…)
GCC economy to gain $305bn in 2011: report
Posted: October 31, 2011 in GCCTags: Dinar, economy, GCC, oil
Most of increase is in oil sector as crude prices are seen at all time high of $109
A surge in oil prices to their highest average of around $109 a barrel this year will add a whopping $305 billion to the economies of Gulf hydrocarbon producers while their current account surplus will also hit a record high.
Projections by a key Western financial centre showed the bulk of the increase in their nominal GDP of the six-nation Gulf Cooperation Council (GCC) will be in the hydrocarbon sector due to high prices and production by members.
Egypt could be the next GCC member state, Gulf sources say
Posted: September 29, 2011 in GCCTags: Cooperation Council for the Arab States of the Gulf, Egypt, GCC, Jeddah, kuwait, Morocco, Saudi Arabia, United Arab Emirates
Egypt is being considered for incorporation into the Gulf Corporation Council (GCC).
Discussions are under way about making Egypt a GCC member, the Kuwaiti al-Watan newspaper reported Gulf sources as saying.
The sources also said that the GCC states are enthusiastic about Egypt joining, as the country has the capabilities and shares mutual strategic interests with the Gulf states. Egypt’s security historically has also been linked to the security of the Gulf, they added.
ASEAN news:Foreign Ministers of ASEAN and GCC Meet in New York
Posted: September 29, 2011 in Asian Currency Markets, GCCTags: ASEAN, Cooperation Council for the Arab States of the Gulf, GCC, New York, Singapore, UNGA, United Arab Emirates, United Nations General Assembly
MANILA, Sept. 28 –The ASEAN-Gulf Cooperation Council (GCC) Ministerial Meeting was held in New York on Monday, on the sidelines of the 66th Session of the United Nations General Assembly (UNGA).
The Meeting was co-chaired by the Indonesian Foreign Minister, H.E. Dr. R. M. Marty M. Natalegawa, and the Foreign Minister of the United Arab Emirates, H.H. Shaikh Abdullah Bin Zayed Al-Nahayan. The Secretary-General of GCC, Dr Abdul Latif bin Rashid Al-Zayani, and Deputy Secretary-General of ASEAN for ASEAN Political Security Community, Mr Sayakane Sisouvong, were also in attendance.
Economists expect growth of Arab economic negative the next two years
Posted: September 17, 2011 in GCC, Investment Tips, Iraqi Dinar/Politics16/09/2011
Economists, businessmen, Arabs in Beirut on Thursday that the areas affected by the revolutions of Arab will see negative economic growth or zero during the next two years. made their statements in a panel discussion under the title of «current developments in the region and its repercussions on the economies and Arab companies» in the framework of an Arab conference for investment banking and industrial and tourism and real estate held in Beirut and continues until Friday.
He said Abdullah Dardari, director of economic development and globalization in the ESCWA «that the region is now facing serious challenges. We are facing two years of negative growth or zero during the next phase and these two years are the two are dangerous because they came in at a time which is expected to Arab youth that achieve these revolutions … immediate results on the standard of living, employment and job opportunities. »
Jasser: The GCC is designed to implement the single currency project
Posted: September 17, 2011 in GCC, Investment Tips, Iraqi Dinar/Politics, Other CurrenciesThe Governor of the Saudi Arabian Monetary Agency that the Gulf States is determined to move ahead with the single currency project, despite the global debt crisis, without giving a date to begin issuing the currency. The agency quoted the French press to Mohammed al-Jasser told reporters after a meeting of the rulers of the Gulf central banks on Wednesday night in Doha, said that «no doubt hear in the press but which is not in place». Jasser added, which administers the Monetary Council (GCC), «there has been no delay, from the beginning said that there would be a specific date for the launch of the common monetary currency».
Saudi central bank: GCC single currency on track:
Posted: September 16, 2011 in GCC, Other Currencies16 September 2011
DUBAI — The launch of the Gulf single currency, which had been delayed following the withdrawal of the UAE and Oman, is on track, Saudi Arabia’s Central Bank Governor Muhammad Al Jasser said.
Al Jasser said on the sidelines of a meeting of Arab central bank governors in Doha that the economic conditions in the Gulf are “excellent” for forming a monetary union and that a plan to launch a Gulf single currency was on track.
Reuters: IMF chief says Urgent action needed to protect recovery
Posted: August 27, 2011 in Asian Currency Markets, Euro, GCC, Other Currencies, US EconomyTags: Chief executive officer, Christine Lagarde, Dominique Strauss-Kahn, Economic, Federal Reserve System, International Monetary Fund, reuters, United States
(Reuters) – The new head of the IMF on Saturday urged global policymakers to pursue urgent coordinated action, including the mandatory recapitalization of European banks, or risk descent into renewed world recession.
“Developments this summer have indicated we are in a dangerous new phase,” International Monetary Fund Managing Director Christine Lagarde said on Saturday at an annual gathering of policymakers from around the world hosted by the Kansas City Federal Reserve Bank.
Read More: http://www.reuters.com/article/2011/08/27/us-global-economy-idUSTRE77Q1XT20110827
Bloomberg: Turkish Lira Strengthens After Central Bank Says Currency Undervalued
Posted: August 15, 2011 in GCC, Other CurrenciesTags: Bloomberg, Bloomberg L.P., Central bank, Istanbul, Lira, London, Recep Tayyip Erdoğan, Turkey
Aug. 15 (Bloomberg) — Turkey’s lira climbed against the dollar after central bank Governor Erdem Basci said the currency was undervalued and a rapid solution to Europe’s debt problems may drive the lira higher.
The lira strengthened as much as 0.9 percent after Basci’s comments and traded 0.5 percent stronger at 1.7692 per dollar by 5:12 p.m. in Istanbul, gaining for a second day and trimming this month’s loss to 4.6 percent. The currency headed for its strongest close in almost a week.
Impact On GCC Most Pronounced In Banking And Petchem Sectors;All Indices Plunge As Mkts Open After Weekend
Posted: August 11, 2011 in GCC, Iraqi Dinar/Politics, US EconomyTags: Business, European Union, OPEC, Standard & Poor's, U.S. Treasury, United States, United States Department of the Treasury, United States Treasury security
KUWAIT CITY, Aug 10: Previously what was thought unthinkable happened. On 5 August 11 evening, Standard & Poor’s lowered the U.S. long-term rating by one level to AA+, while keeping the outlook at “negative” as the agency becomes less confident that Congress will end Bush-era tax cuts or tackle entitlements. S&P also said the U.S. rating may be reduced to AA within two years if spending reductions are lower than agreed to, interest rates rise or “new fiscal pressures” result in higher general government debt.
GCC & World Indices – Day 1 Impact
All the GCC indices retreated as the markets opened after their respective weekend. While TASI had a 5.5% fall on Saturday, a similar story was repeated for other GCC indices on Sunday when they opened with DFMGI falling by 3.7%, ADSMI and DSM falling by 2.5% each, Oman 1.9%, Kuwait 1.6% and Bahrain 0.3%. Ditto was the case with Asia, Europe and US markets when they opened on Monday.
Jordan’s GCC accession to start in September
Posted: August 8, 2011 in GCCTags: Cooperation Council for the Arab States of the Gulf, Jordan, middle east, Morocco, Petra, ramadan, Saudi Arabia, United States
AMMAN – The practical steps and procedures regarding Jordan’s membership in the Gulf Cooperation Council (GCC) will take place soon, Minister of Foreign Affairs Nasser Judeh said on Sunday.
In an interview with the Jordan News Agency, Petra, Judeh said the first meeting regarding Jordan’s membership in the GCC will be held immediately after Eid Al Fitr.
In previous remarks, Judeh said the meetings would take place during Ramadan.
In May, the six-state bloc agreed to expand their regional grouping to include Jordan and Morocco.
Read More: http://ae.zawya.com/story.cfm/sidZAWYA20110808044605/Jordans_GCC_accession_to_start_in_September
GCC states to stick with US dollar
Posted: August 8, 2011 in GCC, Iraqi Dinar/Politics, US EconomyTags: Abu Dhabi, Cooperation Council for the Arab States of the Gulf, kuwait, middle east, Oman, reuters, United Arab Emirates, United States
Gulf markets tumble as investors dump stocks over eurozone, us fears
Abu Dhabi: The Gulf Cooperation Council (GCC) states, except for Kuwait, which keep their currencies pegged to the US dollar and are major buyers of US government debt will likely maintain the status quo for the foreseeable future despite a downgrade of the world’s largest economy by credit ratings agency Standard & Poor’s (S&P) on Friday.
Officials from the UAE and Oman spoke in support of the US dollar yesterday.
A senior UAE Central Bank official reaffirmed the country’s stance on keeping the dirham’s peg to the dollar intact.
“We are pegged to the dollar and will keep it. We don’t see the dollar collapse. Because the problem is not in the US only, but also in the European markets,” Mohammad Al Tamimi, deputy executive director at the UAE Central Bank’s treasury department, told Reuters.
Read More: http://gulfnews.com/business/economy/gcc-states-to-stick-with-us-dollar-1.848692
Saudi Economists fear the threatened USD; Call for revalue of the Saudi Riyal
Posted: August 7, 2011 in GCC, Iraqi Dinar/Politics, US EconomyTags: middle east, Oil Prices, Saudi Arabia, Saudi riyal, Standard & Poor's, United States, United States public debt, United States Treasury security
Confirmed that the global economy threatened to collapse .. And the dollar is no longer a safe haven- Experts call quickly revalue the riyal and the diversification of Saudi investments
August 7, 2011
World markets await record losses
Saudi economists emphasized that the world lost a dollar as a safe haven assuring dealt with over the decades as well as gold in the event of any economic turmoil, and after agencies cut credit ratings mark the public debt of the United States yesterday.
Economists said that the positive results achieved by the Saudi riyal and the national economy over the decades by its association with the dollar is no longer available today, calling for the rapid re-evaluation of the riyal exchange rate, and proceed immediately in the distribution of Saudi investments in more than a basket rather than in one basket is a basket of America “worn”.
UAE supports peg, Oman says no alternative to US debt
Posted: August 7, 2011 in Euro, GCC, Iraqi Dinar/Politics, US EconomyTags: Arab states of the Persian Gulf, Fixed exchange rate, kuwait, middle east, Oman, United Arab Emirates, United States, United States Treasury security
The United Arab Emirates will keep its currency peg to the US dollar even after Standard & Poor’s downgraded the world’s biggest economy, and Oman sees no risk in investing in US treasuries, officials said on Sunday.
Gulf central bankers were huddled in separate meetings on Sunday to discuss the downgrade, sources said.
All Gulf Arab states, except for Kuwait, peg their currencies to the greenback and their fortunes are closely tied to US developments. Gulf states are also major investors in US treasuries.
“We are pegged to the dollar and will keep it. We don’t see the dollar collapse. Because the problem is not in the US only, but also in the European markets,” said Mohamed Al Tamimi, deputy executive director at the UAE central bank’s treasury department.
Read More: http://english.alarabiya.net/articles/2011/08/07/161213.html
Iraq Deputy PM stresses the importance of deepening the relations between Iraq and his brothers in the GCC
Posted: August 3, 2011 in GCC, Iraqi Dinar/PoliticsTags: Ayad Allawi, Baghdad, Iraq, iraqi list, Jalal Talabani, Political coalition, President of the United States, Saleh al-Mutlaq
August 3 2011
Baghdad (news) .. The Deputy Prime Minister for Services Affairs Saleh al-Mutlaq Ambassralamaratne during a meeting in Iraq, Abdullah Shehhi, the importance of deepening the relations between Iraq and his brothers in the GCC.
The statement quoted al-Mutlaq of the Office has received the Agency (news) a copy of it with him he stressed the “necessity of continuing relations between the brothers in the framework of calm and mutual respect and non interference in internal affairs and concern for the common interests..”
For his part, the statement quoted Al-Shehhi to confirm his country’s keenness on Iraq’s security, unity and territorial integrity, expressing his pleasure of progress in the political process and the agreements reached by the parliamentary blocs during the meeting called by President Jalal Talabani.
Can a currency union ever work?
Posted: July 28, 2011 in GCC, Iraqi Dinar/PoliticsTags: Currency Union, Economy of Europe, Eurozone, GCC, Germany, GNU Compiler Collection, Greece, middle east, United States
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Not long ago people were discussing the prospect of a GCC currency union based along the lines of the euro. But now that the very future of the Eurozone looks uncertain should a common currency for the GCC be abandoned completely?
To answer this question we need to define the perceived benefits of a common currency and then look at what went wrong with Europe and whether it was avoidable.
There are two main benefits of sharing a currency: the first is political and the second is economic. If a group of countries share a currency then you can assume those countries won’t go to war with each other.
Saudi Arabia’s foreign assets will soar to $506 billion at the end of 2011
Posted: July 25, 2011 in GCC, Investment Tips, Iraqi Dinar/PoliticsTags: Custodian of the Two Holy Mosques, Libya, middle east, National Commercial Bank, Real gross domestic product, Saudi Arabia, Saudi Arabian Monetary Agency, United States
Saudi Arabia’s foreign assets are forecast to reach a new peak of 1.9 trillion riyals ($506.6 billion) at the end of 2011 from 1,806 billion riyals in April due to strong oil prices and higher crude output, the National Commercial Bank (NCB) said.
Crude prices hovering at $100 a barrel have allowed Saudi Arabia, the world’s largest oil exporter, to experience robust revenues over recent months.
The kingdom had also boosted its crude supply to one of its highest levels of 9.4 million barrels a day to plug the gap in Libya’s output disrupted by civil unrest.
Forex.com: Can a GCC Currency Union ever work?
Posted: July 21, 2011 in Euro, GCC, Investment Tips, Iraqi Dinar/PoliticsTags: Currency Union, European Central Bank, Eurozone, Germany, GNU Compiler Collection, Greece, middle east, United States
Can a currency union ever work?
By Kathleen Brooks, Research Director UK, Forex.com
Not long ago people were discussing the prospect of a GCC currency union based along the lines of the euro. But now that the very future of the Eurozone looks uncertain should a common currency for the GCC be abandoned completely?
To answer this question we need to define the perceived benefits of a common currency and then look at what went wrong with Europe and whether it was avoidable.
Analyst: Long term US goal; Merge Iraq, Jordan, and Egypt with GCC to counter Iran
Posted: July 10, 2011 in GCC, Iraqi Dinar/PoliticsTags: Andrew Shapiro, Business and Economy, Cooperation Council for the Arab States of the Gulf, GCC, iran, middle east, Riyadh, Saudi Arabia, United States
U.S. plan to merge Iraq and Jordan and Egypt, the Gulf Cooperation Council
Saw Anthony Nyukrk in the analysis of it, that the United States is arming Saudi Arabia sophisticated weapons by about a secret, and deal selectively with the current events in the region, noting that the project “Dialogue for the security of the Gulf,” launched by the Bush administration has long-term goal, is to include Iraq, Egypt and Jordan to the Gulf Cooperation Council to get to work the front counter to Iran.
And began by analytical essay, published in the magazine (Eurasia Review), saying that on the 19th of May last, President Barack Obama said that “extraordinary change” sweeping the Middle East.
GCC timetable for reforms urged
Posted: July 7, 2011 in GCC, Iraqi Dinar/PoliticsTags: Business and Economy, Cooperation Council for the Arab States of the Gulf, GCC, middle east, Saudi Arabia, United Arab Emirates
Must push merger moves and investment incentives
Gulf oil producers need to set a timetable for economic and social reforms to satisfy public needs and avert unrest similar to that in other Arab countries, the head of the region’s private sector said on Monday.
Abdul Rahim Naqi, secretary general of the Dammam-based Federation of the GCC Chambers of Commerce and Industry (FGCCI), said the current political turbulence in the Middle East and North Africa would affect many sectors in the region, on top of which is the domestic economy.
In a statement sent to Emirates 24/7, he said that while unrest has not spilled over into most Gulf Cooperation Council (GCC) countries, they should take measures to revive their economies, get closer together and honour their promise to carry out social, political and economic reforms.
Gulf Currencies may re-evaluate dollar peg to offset inflation; Arab oil rich families assets in danger of sliding USD
Posted: June 7, 2011 in Euro, GCC, Iraqi Dinar/Politics, US EconomyTags: Arab states of the Persian Gulf, Arab World, Boston Consulting Group, Business and Economy, middle east, OPEC, Saudi Arabia, United States
The wealth of rich families in the region and the world adversely affected by weaker U.S. dollar against other currencies
Affect the overall continued weakness of the dollar against other currencies, in assessing the wealth of rich families in the world at large, and the Arab region in particular. And grow the wealth of Arab families are usually with high oil prices and the accumulation of financial surpluses that result from that, and encourages Governments to expansion in spending on vital projects in the sectors of infrastructure, which will reflect positively on economic growth in Arab countries, especially the ones of the Petroleum Exporting .
Central Bank Governor of Saudi Arabia: Moving steady to a single Gulf Currency
Posted: June 7, 2011 in GCCTags: Ali Abdullah Saleh, Government, middle east, Riyadh, Saudi Arabia, Saudi Arabian Monetary Agency, United States, Yemen
Governor of the Saudi currency: moving steadily towards a single Gulf currency and Jasser expected recovery of the global economy with cautious optimism
June 7, 2011: The governor of Saudi Arabian Monetary Agency (central bank) said that the current outlook for the global economy imply that the global economy continues to recover gradually from the effects of the financial crisis, which is dominated by cautious optimism, with some forecasts positive growth in most countries of the Group of Twenty .
He stressed that work is continuing for the Gulf monetary union standard, and through the schedule to it, pointing out that the project is a historic and important, and there is political commitment, social, and walking a steady pace, confirming that the project was a technical first-class, spoiled on the European currency and its consequences, as in Currently, how the commitment of European countries in the debts of a member of the currency, pointing out that the errors of European countries learn from the Gulf States .
GCC economy gains $130 bn in 2010
Posted: February 23, 2011 in GCCTags: Brent Crude, Economic growth, Gross domestic product, Libya, middle east, New York Mercantile Exchange, Price of petroleum, Saudi Arabia
Increase follows massive loss of around $141 bn in 2009
Strong crude prices boosted the nominal economy of Gulf oil producers by nearly $130 billion in 2010 while real GDP growth sharply rebounded, according to a key Saudi bank.
The rise in oil prices also turned the deficit in the combined fiscal balance in the six-nation Gulf Cooperation Council (GCC) into a surplus last year and largely widened their current account, the Saudi America Bank Group (Samba) said in a study.
