By Majid Al-Shabib
Riyadh – Mubasher: All eyes are currently on the GCC states and how far they have been impacted by the fall in oil prices. However, thanks to fiscal surplus recorded in previous economic cycles, GCC economies have successfully overcome such challenges and pressures, recording solid growth rates, said Fahd Al-Mubarak, governor of Saudi Arabian Monetary Agency (SAMA).
During a meeting held by the committee of GCC central banks’ governors, Al-Mubarak stressed the solidity of the GCC banking systems in light of supervision by central banks.
The GCC states also managed to maintain stability in their local currencies’ exchange rates, he noted.
