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Saturday , December 3 2022

Data unity key – CBK

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KUWAIT CITY, Dec 19, (KUNA): Monetary, financial and statistical data and concepts in the Gulf region must be unified according to internationally- recognized standards, said Central Bank of Kuwait (CBK) Governor Dr Mohammad Al-Hashel on Wednesday. His remark was part of a speech at the opening of the High-Level Information Meeting on Joint GCC-Stat/GMCo.

The meeting will discuss, among other key issues, the Report on Assessment of Statistical Readiness for Monetary Union in the GCC Region. The meeting, which is being held for the first time, comes as implementation of the GCC central banks and monetary institutions’ 71st committee recommendations to support a GCC economic union, said Al-Hashel, also Chairman of the Board of the Gulf Monetary Council.

He further stressed that data must be inclusive and accurate when being timely received by decision makers due to the “rapidly changing modern era we live in.” The meeting will address best means to implement such findings and recommendations of the consolidated report in terms of deadline, strategies, legal and structural frameworks, he pointed out. A roundtable is scheduled later in the day to mull over recommendations.

On his part, Sabir Al-Harbi, director general of the GCC-STAT center, told KUNA that the center was established to improve statistical work and coordinate efforts among GCC members. Today’s meeting came after a detailed study by GCC-STAT on readiness for the monetary union and in preparation of the “2025 GCC economic union”.