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CBO participates in the 76th virtual meeting of the GCC Central Bank Governors3/30/2021 8:00:00 PMCBO participates in the 76th virtual meeting of the GCC Central Bank GovernorsA delegation led by His Excellency Tahir bin Salim bin Abdullah Al Amri, the Executive President of Central Bank of Oman, participated in the 76th Committee Meeting of GCC Central Bank Governors<p style="text-align:justify;"><span class="ms-rteThemeFontFace-1 ms-rteFontSize-2 ms-rteThemeForeColor-2-0">A delegation led by His Excellency Tahir bin Salim bin Abdullah Al Amri, the Executive President of Central Bank of Oman, participated in the 76th Committee Meeting of GCC Central Bank Governors held via video conferencing on, Wednesday, March 31, 2021.</span></p><p style="text-align:justify;"><span class="ms-rteThemeFontFace-1 ms-rteFontSize-2 ms-rteThemeForeColor-2-0">During the meeting, the committee discussed a number of topics, and took stock of some of the pressing monetary and financial developments in the GCC countries in light of the exceptional economic conditions induced by the pandemic. Accordingly, the Committee reviewed the impact of these exceptional conditions on the global economy in general and the economy of the GCC countries in particular.  </span></p><p style="text-align:justify;"><span class="ms-rteThemeFontFace-1 ms-rteFontSize-2 ms-rteThemeForeColor-2-0">The committee also reviewed the progress made by the concerned agencies on the GCC cross-border payment systems linkage, in addition to holding discussions on other technological issues pertaining to the GCC financial sector. </span></p><p style="text-align:justify;"><span class="ms-rteThemeFontFace-1 ms-rteFontSize-2 ms-rteThemeForeColor-2-0">Likewise, the Committee also examined the developments with regard to its joint dialogue with the Chinese monetary agency, and that with the governors of European Central Banks. </span></p><p style="text-align:justify;"><span class="ms-rteThemeFontFace-1 ms-rteFontSize-2 ms-rteThemeForeColor-2-0">The Committee also reviewed the papers proposed to be presented by the International Monetary Fund (IMF) during the planned joint meeting between finance ministers and governors of central banks in the GCC countries, and the Managing Director of the International Monetary Fund.  </span></p><p style="text-align:justify;"><span class="ms-rteThemeFontFace-1 ms-rteFontSize-2 ms-rteThemeForeColor-2-0">The committee which reviewed the minutes of the first and second meetings of the specialists panel such as on supervising and controlling the banking system, and on combating money laundering, held discussions on devising a mechanism to implement "Know Your Customer" strategy in the GCC countries. </span></p><p style="text-align:justify;"><span class="ms-rteThemeFontFace-1 ms-rteFontSize-2 ms-rteThemeForeColor-2-0">Likewise, the committee reviewed a draft on the mechanism of exchanging cybersecurity information between monetary institutions and central banks in the GCC countries and a policy document on the classification and exchange of information. </span></p><p style="text-align:justify;"><span class="ms-rteThemeFontFace-1 ms-rteFontSize-2 ms-rteThemeForeColor-2-0">In addition, the Committee reviewed the most important monetary developments at the GCC level, and examined the efforts made by the GCC countries in combating money laundering and financing of terrorism.  Similarly, the Committee also discussed several other issues pertaining to the strengthening of the GCC monetary and banking sector.</span></p>0x010100C568DB52D9D0A14D9B2FDCC96666E9F2007948130EC3DB064584E219954237AF3900075E4FF44B3F64489802BE694C5C6FB70300A9BCF8A0432A87429120A5B0A0EDBFF9

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