Salalah Hosts 81st Meeting of GCC Central Bank Governors Under Oman’s Presidency

Salalah Hosts 81st Meeting of GCC Central Bank Governors Under Oman’s Presidency

The GCC Committee of Central Banks Governors convened for its 81st meeting under the presidency of Oman in Salalah. Chaired by HH Sayyid Taimour bin Asa’ad Al Said, Chairman of the Board of Governors of the Central Bank of Oman (CBO), the meeting included the participation of Governors from central banks across the GCC and the GCC Secretary-General.

Exploring Monetary and Financial Developments

The meeting served as a platform to delve into various topics concerning monetary and financial developments in the GCC states. High on the agenda were discussions regarding the supervision and surveillance of the banking sector, payment systems, the role of FinTech in GCC banking, and the potential launch of the GCC Central Banks Digital Currency (CBDC).

Security and stability in the financial sector were at the forefront of discussions, with a particular focus on anti-money laundering (AML) and combating the financing of terrorism (CFT). Cybersecurity in the banking sector was also emphasized as a crucial concern.

Streamlining Payment Systems

The committee addressed issues related to the GCC Afaq Payment System and its integration with the Arab Regional Payment System (Buna), aiming to streamline payment systems across the region.

Furthermore, the committee reviewed the progress made in implementing decisions from previous meetings, and the GCC Secretariat General provided a comprehensive report in this regard. The meeting also covered updates on the status of the agreement to link GCC payment systems and various other monetary and banking issues, with appropriate decisions made accordingly.