The Governors of the Arab Central Banks and Monetary Agencies began to meet formally in the early 1970s, first in Cairo in September 1972, followed by Baghdad in February 1975, and then in Amman in July 1978. At the third meeting it was agreed to hold the Governors’ meetings on an annual basis under a new framework called “Council of Governors of the Arab Central Banks and Monetary Agencies”, established under the auspices of the Arab League.