GCC Central Banks’ Net Foreign Assets Reach 829 Billion Dollars, Covering 11 Months of Imports
Net foreign assets of Gulf Cooperation Council central banks reached about 829 billion dollars at the end of June 2026, covering about 11 months of the bloc’s imports, GCC Secretary General Jasem Mohamed Albudaiwi told the 126th meeting of the GCC Financial and Economic Cooperation Committee in Manama on Thursday. The meeting was chaired by Shaikh Salman bin Khalifa Al Khalifa, Bahrain’s Minister of Finance and National Economy.
The bloc in 4 numbers
| Indicator | Level |
|---|---|
| GDP | $2.4 trillion |
| Non-oil activities, share of GDP | 79% |
| Central bank net foreign assets, end June 2026 | $829 billion |
| Average inflation, May 2026 | 2.1% |
As cited by the GCC Secretary General; each figure is given as approximate.
On our calculation, 829 billion dollars covering 11 months implies an import run rate of about 75 billion dollars a month, or about 904 billion dollars annualised. Net foreign assets equal about 34.5 percent of the 2.4 trillion dollar GDP, and the 79 percent non-oil share puts non-oil activity at about 1.9 trillion dollars. Albudaiwi said the bloc’s GDP places it collectively among the world’s 10 largest economies and that average inflation of 2.1 percent in May was lower than the averages of major economic blocs.
Integration and trade talks on the agenda
Shaikh Salman said GCC states had shown their ability to respond effectively to recent regional developments and their effect on the global economy and on shipping through the Strait of Hormuz and Bab El Mandeb, crediting sound economic foundations and prudent fiscal and monetary policies. He thanked Saudi Arabia for logistical facilities that supported the flow of essential goods, and the UAE for a currency swap agreement between the Central Bank of Bahrain and the Central Bank of the UAE. He called for completing the GCC Customs Union and Common Market, welcomed progress toward concluding technical negotiations on a free trade agreement with the United Kingdom, and urged the resumption of talks with the European Union. The agenda also covered the outcomes of GCC central bank governors’ meetings and progress in ratifying the GCC payments linking system agreement.
On the sidelines, Kuwait’s Finance Minister Yaqoub Al-Rifai and IMF Managing Director Kristalina Georgieva discussed the steps to complete signing a memorandum of understanding to fund the IMF centre in Kuwait, Kuwait’s Ministry of Finance said. Georgieva credited Kuwait’s prudent policies, strong fiscal buffers and balanced monetary policy for containing the effects of the recent crisis.
Why it matters: The figures describe a bloc with deep buffers: central bank net foreign assets equal to about a third of combined output and close to a year of imports, alongside a non-oil economy that makes up nearly four fifths of GDP.
Outlook: The committee’s work feeds the completion of the GCC Customs Union and Common Market, with Bahrain’s finance minister hoping the free trade agreement with the United Kingdom moves to final signing.
Sources: GCC Secretariat General, Bahrain News Agency, Kuwait News Agency, The Edge.
