Akhir 19, 1432 H/ March 24, 2011, SPA -- Addressing the closing ceremony of the GCC 10th Banking Conference held in the Qatari capital of Doha today, Dr. Mohammed bin Sulaiman Al-Jasser, Governor of Saudi Arabian Monetary Agency (SAMA), called for more flow and movement of capital among the GCC countries. He said the GCC has achieved numerous goals in terms of monetary unity despite the presence of a number of issues that require more cooperation. To highlight the positive steps, he cited the pension system and the movement of workforce among the GCC countries. Among the most important issues discussed here today are the importance of banking supervision, he added. He said any bank's board is to be responsible of the management of risks regardless of whether their control bodies have done their duties or not. He said the GCC has made great strides in the field of monetary unity. He drew the attention to the competitiveness among the GCC states in the labor market. However, he warned of crossing the red line of establishing more and more banks in the GCC region in a way that exceeds the size of the overall economy of the GCC countries. He cited the example of Ireland where the size of financial institutions was enlarged to the extent that it could not be swallowed by the country's economy.
