GCC member states to strengthen cooperation in financial systems

Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), attended the 85th Meeting of the GCC Central Bank Governors Committee, which was held in Kuwait.

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The meeting was attended by the Governors of the Central Banks of the Gulf Cooperation Council (GCC) member states, along with senior officials from the General Secretariat of the Gulf Cooperation Council.

Ebrahim Obaid Alzaabi, Assistant Governor for Monetary Policy and Financial Stability, also participated in the meeting, accompanied by a delegation of senior CBUAE officials.

During the meeting, the central bank governors reviewed recent monetary and financial developments in the GCC member states and discussed ways to strengthen joint cooperation in the areas of monetary policy, financial systems, and banking services.

The discussions covered a range of topics, including payment systems, supervision, financial technology, the exchange of cybersecurity expertise and information within the banking sector, initiatives to enhance international cooperation, and the Gulf Cooperation Council's efforts to combat money laundering and the financing of terrorism.

Meanwhile the Central Bank of the UAE (CBUAE) revealed that gross banks’ assets increased by 1.9% from Dhs4,878.3 billion at the end of May 2025 to Dhs4,973.3 billion at the end of June 2025.

CBUAE announced the increase in money supply aggregate M1 by 1.0%, from Dhs1,015.6 billion at the end of May 2025 to Dhs1,026.2 billion at the end of June 2025. The increase was due to Dhs1.7 billion increase in currency in circulation outside banks and Dhs8.9 billion increase in monetary deposits.