GCC economic integration continues at accelerated pace — Zayani

RIYADH, March 23 (KUNA) — Economic integration among Gulf Cooperation Council (GCC) member states continues at an accelerated pace, thanks to the relentless efforts of the relevant GCC financial and economic committees, said GCC Secretary General Abdul-Latif Al-Zayani on Wednesday.
The remark was made by Al-Zayani in a speech read out on his behalf by GCC assistant secretary general for development and economic affairs Abdullah Al-Shalabi during the 64th meeting of the Committee of Governors of GCC Monetary Institutions and Central Banks.
Al-Zayani also lauded the committee’s prominent role in achieving integration among GCC banking and monetary entities.
He noted that the committee began adopting a framework of a mechanism for exchanging information among credit centers in GCC countries to support financial and banking sectors, and small and medium-sized enterprises.
The linking of payment systems among GCC countries is underway, he said, indicating that this move will enhance the region’s status financially through facilitating clearances, settling cross-border transactions safely and effectively and setting up infrastructure to secure rapid transfer operation, he explained.
The meeting discussed developments of linking payment systems, and efforts exerted by GCC countries aiming to combat money laundering and dry up sources of funding terrorism, and other relevant topics.
Kuwait is represented at the GCC meeting by Governor of Kuwait Central Bank (CBK) Dr. Mohammad Al-Hashel. (end) yms.hm