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suggested Central Bank for Gulf Cooperation Council (GCC)
Finance & Accounting
Pages 5 (1255 words)
Suggested Central Bank for Gulf Cooperation Council (GCC) Executive Summary GCC Central Bank is a proposed bank in the GCC countries which needs to make policy formulation as per the economic condition of the countries. In this report we will analyses how the GCC central bank operates and how it is compared to the European Central bank.
The similar nature of their economic structure implies that they have common sources of strengths and weakness in their financial systems. They are heavily dependent on their natural resources which are in the process of being depleted. Hence the GCC nations have made diversification of their economic activities as a long-term policy objective. Their financial sector has a central role to play in this strategy of economic diversification. The financial sector is like an intermediary contributing to the economic development of the GCC countries through creation of profits and employment. It also helps in efficient allocation of the financial resources. Hence to tap this potential, the GCC countries have decided to develop a central bank known as Central Bank for Gulf Cooperation Council to help in the domestic regulatory and supervisory framework by participating in the financial institutions and through grants and subsidies. The GCC economies are facing a lot of political turmoil and this can have negative consequences in the financial markets and in the foreign direct investment in these countries. ...
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