The Riyadh-based company willfacilitate direct money transfers among its six members, including Qatar.
Reuters reported that the company will allow Gulf states to transfer money “without reliance on international currencies,” Kuwait central bank Governor Mohammed Al-Hashel told reporters on Monday, following a meeting of regional central bankers in Kuwait City. He added that the CEO of the company has been selected and all six member states have agreed to contribute initial capital. The countries’ central bank governors will sit on the board and a secondary office will be set up in the United Arab Emirates, he said, without saying when the company would start operating.
The company is being started even though GCC members Bahrain, Saudi Arabia and United Arab Emirates have been boycotting Qatar since early June 2017.