ID :
170649
Thu, 03/24/2011 - 21:03
Auther :
Shortlink :
https://oananews.org//node/170649
The shortlink copeid
Qatar Central Bank Governor Warns of Chaos, Fluctuations in Oil Prices
Doha, March 24 (QNA) - HE the Governor of Qatar Central Bank Sheikh Abdullah bin Saud Al Thani has warned from the consequences of the price chaos that may be seen forming in the global oil market, saying that though oil prices started rising in 2010 and balance of payments of the GCC, budget surpluses and economic growth rates improved, signs of price chaos are still existing worldwide leaving all possibilities open.
In a speech he gave this afternoon before the closing session of the 10th GCC Banking Conference, the Governor of Qatar Central Bank said the Conference shed light on a number of key issues relating to the situation of macroeconomics and financial systems in GCC states as well as financial stability.
He explained that it was stressed that the economies of the GCC countries were not immune from the global financial crisis though its effects on member States varied according to the circumstances of each country and the extent of their exposure to the global economy, noting that the greatest impact on GCC countries came from the unexpected drop in oil and gas revenues in 2009 in the light of the chaos of fluctuations in oil prices.
He pointed out that among the positive aspects of the global financial crisis on the GCC was the drop of inflation rates to their normal levels.
He said that the issue of credit information centres received great interest in the discussions at the first session during which views were exchanged on the organizational, legal and procedural aspects relating to these centres, their areas of work and the possibilities of their development.
In a speech he gave this afternoon before the closing session of the 10th GCC Banking Conference, the Governor of Qatar Central Bank said the Conference shed light on a number of key issues relating to the situation of macroeconomics and financial systems in GCC states as well as financial stability.
He explained that it was stressed that the economies of the GCC countries were not immune from the global financial crisis though its effects on member States varied according to the circumstances of each country and the extent of their exposure to the global economy, noting that the greatest impact on GCC countries came from the unexpected drop in oil and gas revenues in 2009 in the light of the chaos of fluctuations in oil prices.
He pointed out that among the positive aspects of the global financial crisis on the GCC was the drop of inflation rates to their normal levels.
He said that the issue of credit information centres received great interest in the discussions at the first session during which views were exchanged on the organizational, legal and procedural aspects relating to these centres, their areas of work and the possibilities of their development.
