GCC emphasizes the financial and banking integration​​​​​​​

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Economic / Committee of Governors of Monetary Institutions and Central Banks in the Gulf Cooperation Council held its 67th in Bahrain

Wednesday, 23/06/1438 H corresponding to 22/03/2017, SPA

 

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11:06 ITM 
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The meeting will consider the most important developments on the stages completed by the Monetary Council in completing the institutional and regulatory constructive, as will the latest monetary and financial developments in the GCC countries and the exchange of opinion on the review. 
The Commission will also discuss the latest developments on the project to link the payment systems in the GCC countries, as well as reports submitted by the GCC countries on the procedures followed in the information security of payment systems, in addition to the efforts of the GCC countries in the fight against money laundering and terrorist financing. 
The Committee will discuss a number of topics, including the recommendations of the committees and working groups under the auspices of the governors and relevant topics of supervision and control over the banking system and reached around the stomach worksheets on the guiding principles of the practice of granting bonuses in the financial institutions, and regulatory requirements for external audits of banks in the GCC countries. 
held in Bahrain on Thursday the 67th meeting of the Committee of Governors of Monetary Institutions and Central Banks in the Gulf Cooperation Council ( GCC). 
Riyadh , 23 Jumada II 1438 H corresponding to March 22, 2017, SPA 

 

 

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Economic / commencement of the 67th meeting of the Committee of Governors of the GCC central banks

Thursday, 24/06/1438 H corresponding to 23/03/2017, SPA

 

 

 

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12:53 ITM 
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He said the Secretary General of the Gulf Cooperation Council ( GCC ) that this vital project will contribute significantly to enhancing the status of the Gulf states financially by facilitating the clearing and marketing of cross-border financial transactions safely and effectively, and create the infrastructure that ensures fast and secure payment transfer across the GCC, which improves bilateral and multilateral trade among the GCC countries. 
Zayani pointed out that the Committee had a major Gulf economic financial and banking integration projects, and is establishing and building linking payment systems in the Gulf States with the consent of the leaders and the delegation of the central banks to own and manage the project through the establishment of an independent company owned and funded by the central banks. 
He said that the GCC countries felt the importance of joint coordination in the economic and development areas, and the need to raise the level of economic cooperation and integration prospects for comprehensive and levels welcome, and what is the decision of the Gulf leaders summit Sakhir in December 2017 to establish a high - level panel of economic and development affairs , but to achieve greater coordination and coherence and integration among members, down economic unit in 2025. 
He added that the Commission has an important role in achieving economic interdependence, especially in the field of overcoming the difficulties which stand without the development of the banking sector, through the adoption of common standards in the areas of banking supervision in accordance with international standards to strengthen the financial stability of the GCC countries and enhance the effectiveness of the financial and banking sector, in addition to facilitating and encourage small and medium enterprises financing and the development of the necessary legislation so as to enhance economic and financial position of the GCC countries. 
In turn , Secretary General of the Gulf Cooperation Council ( GCC ) Dr. Abdul Latif Al - Zayani stressed that the central banks and institutions Monetary GCC 's efforts to promote financial integration and banking have had the greatest impact on the stability of the financial and banking sectors in the Member States, despite the economic challenges of regional and global left their mark on many of the economies of ancient In the world. 
He pointed out that the meeting 's agenda includes a number of topics to enhance coordination and strengthen the banking Gulf device, especially with regard to the examination Gulf efforts in the field of combating money laundering and terrorist financing, in order to serve the integration of the GCC countries and the improvement of the business environment, to the benefit of the final outcome to strengthen the growth of the Gulf economies. 
He said Bahrain Central Bank Governor Rasheed Al Maraj in his speech that the draft exchange of credit information system Rt payment systems will strengthen the banking transactions among member states, which will reflect positively on the institutions and individuals in terms of the speed of completion of banking transactions. 
The meeting will discuss a number of important topics that help to strengthen the economic and banking integration between members of the Gulf Cooperation Council states, led by the project to share credit information among the GCC countries, and the establishment of a project and building systems connect to the payments system in the GCC countries. 
began in the Bahraini capital Manama this morning the sixty - seventh meeting of the Committee of Governors of Monetary Institutions and Central Banks in the Gulf Cooperation Council ( GCC) business. 
Manama , 24 Jumada II 1438 H corresponding to March 23 2017 SPA 

 

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Qatar participates in the committee of central bankers meeting

GCC emphasizes the financial and banking integration

 

 

Manama - QNA began yesterday, the sixty - seventh meeting of the Committee of Governors of Monetary Institutions and Central Banks in the Gulf Cooperation Council ( GCC) business. The delegation was headed by the State of Qatar during the meeting , Sheikh Abdullah bin Saud Al Thani , Governor of Qatar Central Bank.

The meeting discussed a number of important topics that help to strengthen the economic and banking integration among member states, led by the project to share credit information among the GCC countries, and the establishment of a project and building systems connect to the payments system in the GCC countries.

Said Rasheed Al Maraj, Governor of the Central Bank of Bahrain, in a speech during the opening ceremony, said that the agenda of the meeting includes a number of topics to enhance coordination and strengthen the banking Gulf device, especially with regard to the examination Gulf efforts in the field of combating money laundering and terrorist financing, in order to serve the integration of the Council and improve the business environment States.

In turn, Dr. Abdul Latif bin Rashid Al Zayani, Secretary General of the Cooperation Council for the Arab Gulf States stressed that the central banks and institutions Monetary GCC's efforts to promote financial integration and banking have had the greatest impact on the stability of the financial and banking sectors in the Member States, in spite of regional and global economic challenges that have left their mark on many economies in the ancient world.

Zayani pointed out that the Committee had a major GCC banking and financial integration and economic projects, which is establishing and building linking payment systems in the Gulf States, considering this vital project is a significant contribution to enhancing the status of the Gulf states financially by facilitating the clearing and marketing of cross-border financial transactions safely and effectively, and create infrastructure that ensures rapid and safe transfer of payments across the GCC, which improves bilateral and multilateral trade among the GCC countries.