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Individual assignment

It has five branches in major cities in the nation and the head office is in Abu Dhabi. The central bank has seven departments which include Banking operations, Banking supervision and Examination, Financial control, treasury, Research and statistics, Administrative affairs, internal audit. The similarity between European central bank and GCC central bank is that both have established single currency for the nation. The similarity between them is idea of currency integration. But the difference will appear in case of challenges that will be faced by GCC as compared to euro currency crisis. It was seen that during global financial crisis in 2008, GCC central bank made some difference in monetary policy which had helped it to keep it rate untouched. For the central bank of GCC, main problem was not to fix the liquidity but to fix the inflation rate. It plays an important role in GCC by strengthening its economy in today’s current market. Part B Introduction The Cooperation Council for the Arab States of the Gulf is also known as Gulf Cooperation Council (GCC). During 1980, the Union Law issued the ‘Monetary System and Organization of Banking’ which provides the authority of banking and monetary system to the Central Bank. It also gives the power of controlling and implementing monetary, banking and credit policy of UAE to the central bank. The central bank guidelines consist- 1. Currency issuing as per the law. 2. It states that the currency should be stable and it can be freely converted into foreign currencies. 3. It needs to adopt a credit policy which will help to achieve the target growth of the economy. 4. It should develop the efficiency of banking system in nation. 5. It will act as a banker to the govt. The lending capacity of the central bank has increased from AED 155.2 billion at the end of 2000 to AED 972.1 billion at the end of 2010 and foreign assets of banks operating in UAE has increased from AED 91.5 Billion at the end of 2000 to AED 233.5 billion at the end of 2010. Thus we can see that the bank has a quite good financial position in the market (Central Bank Of The U.A.E, 2013). Part C Discussion Structure of the Suggested Central Bank for GCC Board of directors of the Central bank have reorganized the structure of the bank which is now having five branches with seven departments and seven divisions , seven units and a risk bureau. It has five branches in major cities in the nation and the head office is in Abu Dhabi. These branches have three main sections as Accounts, Banking operations and administrative affairs. The central bank has seven departments which include Banking operations, Banking supervision and Examination, Financial control, treasury, Research and statistics, Administrative affairs, internal audit. Seven divisions further add IT, Correspondent Banking, Public Relations, general Secretariat, Personnel, Legal affairs. The central bank has another vertical of seven units which includes IT projects unit, Strategy Unit, Banking and Monetary ...Show more

Summary

Finance and Accounting individual assignment Contents Contents 2 Part A 3 Executive Summary 3 Part B 4 Introduction 4 Part C 4 Discussion 4 Structure of the Suggested Central Bank for GCC 4 European Central Bank and Central Bank of GCC 5 Arguments For and Against the GCC Central Bank 6 Objectives and functions of GCC central bank 7 Part D 8 Conclusion 8 References 9 Part A Executive Summary The Cooperation Council for the Arab States of the Gulf is also known as Gulf Cooperation Council (GCC)…
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