GCC top bankers endorse company for settling payments

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Governor of Bahrain Central Bank Rashid Al-Mearaj said on Thursday that governors of GCC monetary institutions and central banks adopted on Thursday technical and executive details related to founding a company for settling financial payments among the council member states. He said in a statement at conclusion of the 67th relevant committee meeting that the company would be owned by the institutions and the central banks. The Riyadh-headquartered company will function based on a profit-commercial system, he said.

However, he did not specify its capital. It will be tasked with speeding settlement of commercial trades among the GCC countries, limit costs and time. Money transfer among the member states will be faster and easier, for they will be processed through a common and secured network The committee meeting also endorsed a system for credit information swap. Central Bank Governor Dr Mohammad Al-Hashel represented Kuwait at the meeting. (KUNA)

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