About COG-ACBMA
The Council of Governors of Arab Central Banks and Monetary Agencies aims to complement the role of Arab central banks and monetary agencies, to develop further cooperation and exchange of expertise in the area of central banking functions between the Arab countries. The Council has been keen on constantly developing close collaborative relations of Arab countries to better serve the interests of its members vis-à-vis international monetary issues.
Membership of the council constitutes of the governors of Arab central banks and heads of monetary agencies. Meetings of the Council are attended by the following bodies in their capacity as “obserbers” among which are the Directorate General for Economic Affairs of the Arab League, the Director General of the Arab Fund for Economic and Social Development, the Arab Executives at the International Monetary Fund and the World Bank, Chairman of Arab Banks Union, in addition to the Director General of the Arab Monetary Fund which assumes the Council’s Secretariat.
The Permanent Bureau of the Council is composed of the chairman of the annual meeting, deputy-chairman governor of the state of the headquarters, governor of the state of the Arab League headquarters, the directorate general for economic affairs of the Arab League and the director general of the Arab Monetary Fund. The Bureau is entrusted with following up the Council’s resolutions and recommendations, preparing the council’s meeting, its agenda and venue.
The Arab Monetary Fund which assumes the Council’s Secretariat collects data, prepares the studies relevant to the Council’s functions, the meeting of its Permanent Bureau, its agenda and minutes of meeting which are then forwarded to the member countries while maintaining documents pertinent to these meetings, as well as any other function falling within its purview.
Two technical committees are initiated by the Council, the first being the Arab Committee on Banking Supervision (ACBS). Its membership includes heads of banking supervision at the Arab central banks and monetary agencies. The second is the Arab Committee on Payments and Settlement Systems (ACPSS) which was established in 2005. Its membership includes directors of these systems in the Arab central banks and monetary agencies. These two committees are entrusted to coordinate and exchange expertise among the Arab countries in the relevant areas. Their recommendations are forwarded to the Council for discussion and approval.
