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IMF Expects GCC Reserves to Grow by $300-$350 Bln in Three Years on Higher Oil Prices

General view of Bahrain's financial district in Manama, Bahrain, June 20, 2019. Picture taken June 20, 2019. (Reuters)
General view of Bahrain's financial district in Manama, Bahrain, June 20, 2019. Picture taken June 20, 2019. (Reuters)
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IMF Expects GCC Reserves to Grow by $300-$350 Bln in Three Years on Higher Oil Prices

General view of Bahrain's financial district in Manama, Bahrain, June 20, 2019. Picture taken June 20, 2019. (Reuters)
General view of Bahrain's financial district in Manama, Bahrain, June 20, 2019. Picture taken June 20, 2019. (Reuters)

The International Monetary Fund expects the foreign reserves of the six oil-rich Arab countries of the Gulf Cooperation Council (GCC) to increase by $300-$350 billion in the next three years, a senior official said on Tuesday.

The GCC - which comprises Saudi Arabia, the United Arab Emirates, Kuwait, Qatar, Bahrain, Oman - "will benefit from the increase in oil prices", Jihad Azour, Director of the Middle East and Central Asia Department at the IMF, told Asharq TV.

Oil prices have risen about 60% from the start of the year as global demand recovers from the coronavirus pandemic.

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Central Bank Chief: Morocco Preparing Law to Allow Cryptocurrencies

Representations of cryptocurrency Bitcoin are seen in this illustration taken November 25, 2024. REUTERS/Dado Ruvic/Illustration
Representations of cryptocurrency Bitcoin are seen in this illustration taken November 25, 2024. REUTERS/Dado Ruvic/Illustration
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Central Bank Chief: Morocco Preparing Law to Allow Cryptocurrencies

Representations of cryptocurrency Bitcoin are seen in this illustration taken November 25, 2024. REUTERS/Dado Ruvic/Illustration
Representations of cryptocurrency Bitcoin are seen in this illustration taken November 25, 2024. REUTERS/Dado Ruvic/Illustration

A draft law on cryptocurrencies is undergoing the process of adoption in Morocco, the governor of its central bank, Abdellatif Jouahri, said on Tuesday.

The central bank, known as Bank Al Maghrib, "has prepared a draft law regulating crypto assets, which is currently in the adoption process," Jouahri told an international conference in Rabat.

Bank Al Maghrib was also exploring a central bank digital currency (CBDC), Reuters quoted him as saying.
"Regarding central bank digital currencies, and like many countries around the world, we are exploring to what extent this new form of currency could contribute to achieving certain public policy objectives, particularly in terms of financial inclusion," he said.