GCC financial sector strong enough to face coronavirus: Central Bank Governors

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Governors from central banks across the Gulf Cooperation Council (GCC) said that the regional financial sector is strong enough to face the deadly coronavirus pandemic, according to a statement released by UAE state news agency WAM.

The governors were speaking via video conference about how to implement measures to ease the impact that the virus has had on economies in the Arabian Gulf.

Monetary institutions and central banks in the GCC will continue to monitor the situation, with the governors stressing that they will use all tools of monetary policy available to them to achieve strong, sustainable, balanced, and comprehensive growth while dampening the economic fallout of the coronavirus, the statement said.

Governments across the Arabian Gulf have been closing borders, schools, and public places in order to limit the spread of the coronavirus, officially known as COVID-19. In the UAE, Abu Dhabi and Dubai have both shut all museums and theme parks, with Dubai announcing a further suspension of all hotel bars, swimming pools, and all fitness and bodybuilding gyms, electronic gaming centers, theme parks, cinemas, night clubs and concerts.

The UAE has currently reported 98 cases of coronavirus in the country, with 23 recoveries.

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