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GCC Plans Company to Facilitate Money Transfers Among Members

  • Objective is to reduce reliance on ‘international currencies’
  • GCC central bankers to sit on board of Riyadh-based company
Inside The Dubai Financial Market

Photographer: Jasper Juinen/Bloomberg

The Gulf Cooperation Council is setting up a company to facilitate direct money transfers among its six members, in a rare display of cooperation with isolated Qatar.

The Riyadh-based company will allow Gulf states to transfer money “without reliance on international currencies,” Kuwait central bank Governor Mohammed Al-Hashel told reporters on Monday following a meeting of regional central bankers in Kuwait City. The chief executive officer has been picked and all member states have agreed to contribute initial capital, Al-Hashel said.