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13-03-18
Gulf Cooperation Council to facilitate money transfers through new company
(MENAFN) The Gulf Cooperation Council was revealed to be establishing a company, aiming to facilitate direct money transfers to its six members.
Kuwait central bank Governor Mohammed Al-Hashel reportedly confirmed the company, set it in Saudi Arabia, to provide the GCC with the opportunity to transfer money "without reliance on international currencies."
The governor also declared the selection of the CEO to have been concluded, as each member state accepted to offer initial capital.
He then explained "after that the company has to go out and borrow from the Gulf market or use the capital it has generated."
MENAFN1303201800450000ID1096583209
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