Al-Zayani: Banking coordination enhances pan-GCC economic integration

KUWAIT, March 12 (KUNA) -- Financial and banking coordination and cooperation among the GCC member states are likely to help consolidate the pan-GCC economic integration, said GCC Secretary General Abdullatif Al-Zayani.
They also serve the final goal of achieving economic unity of the bloc by 2025, Al-Zayani told the 69th GCC Committee of Governors of Monetary Agencies and Central Banks that kicked started discussions in Kuwait Monday.
The GCC Supreme Council had approved linking the payment systems in the member countries, as a major complementary project of the GCC, Al-Zayani added. The Council also tasked the GCC states with establishing an independent company for GCC payments.
Meanwhile, the GCC chief stressed the role of the Committee for enhancing cooperation and integration among the bloc's monetary agencies and central banks, as well as abolishing difficulties and promoting performance and financial and banking procedures.
The Committee's tangible efforts have contributed to the development and growth of the vital financial and banking sector, pushing it to a prominent regional and international status despite the economic and political challenges the GCC states are facing, Al-Zayani.
The one-day 69th meeting aims to bolster monitoring policies and programs to reinforce stability and strengthen the financial and banking sectors. (pickup previous) fnk.mfs.ht.msa