Governor of Qatar’s Central Bank Sheikh Abdullah bin Saud Al-Thani warned Thursday against “prices chaos” in the international oil markets.
Although oil prices rebounded in 2010 which improved balance of payments, budget surplus and economic growth of the six GCC countries, he said, signs of “prices chaos” exist.
Addressing the final session of the one-day GCC Banking Conference, Sheikh Abdullah said conferees discussed financial systems in GCC countries and financial stability, and acknowledged that economies of the Arab Gulf countries were not distant from the global economic crisis.
One of the good impacts of the economic crisis, he noted, was decline of inflation to normal levels.
Wrapping up the discussions, Sheikh Abdullah noted that conferees discussed credit information centers, the monetary union of the GCC and the economic crisis.
The conferees, he said, recommended continuous support for the private sector to enable it serve the GCC economies.