MUSCAT: The GCC Committee of Governors of Monetary Institutions and Central Banks held its 73rd meeting on Thursday under the chairmanship of Tahir bin Salim al Amri, Executive President of the Central Bank of Oman (CBO).
During the meeting, the Committee discussed a host of topics related to supervision and regulation of the banking sector in GCC states, in addition to the discussions on payment systems and technologies applied in the financial sector. The Committee also held discussions on topics related to the joint dialogue between GCC monetary institutions and central banks and those between economic groups and conglomerates, and other countries.
In the opening address, CBO Executive President pointed out that the banking sectors in the region, have not only proven their robustness and their ability to remain steadfast against a backdrop of the economic challenges recently faced by them, they have also been successful in consistently maintaining and enhancing public confidence.
“Our banking sectors would not have achieved this success without the pivotal role played by the region’s monetary authorities and central banks, in terms of developing and devising robust regulatory frameworks and in being committed to the high standards of banking integrity,” he noted.
“Similarly, while the ongoing remarkable developments in the financial technology sector have created host of opportunities for us to leverage and enhance our banking services, it should be noted that they also pose various challenges and we need to figure out how we can overcome those challenges. Financial innovations, offering various financial services and payment settlement systems offer great opportunities for us, with which we can ensure the overall development of the banking industry and also enhance financial inclusion and financial literacy in the region,” he added. — ONA
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