(MENAFN- Muscat Daily) Muscat -
H E Tahir bin Salim bin Abdullah al Amri, executive president of the Central Bank of Oman (CBO), chaired the 73rd meeting of the GCC Committee of Governors of Monetary Institutions and Central Banks on Thursday in Muscat.
During the meeting, the Committee discussed a host of topics related to supervision and regulation of the banking sector in the 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 his opening address at the meeting, H E Amri pointed out that the GCC banking sectors have not only proven their robustness and ability to remain steadfast against the backdrop of economic challenges recently faced by them, they have also been successful in consistently maintaining and enhancing public confidence.
He said, '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.' H E Amri further pointed out that maintaining the monetary and financial stability in the region was a paramount task for the monetary authorities and the central banks in the GCC.
'This is a task that requires enhancing the effectiveness of our monetary policies in such a way that we can effectively manage the domestic liquidity in line with our special economic conditions. 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,' he said.
'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,' H E Amri added.
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