RIYADH, 2nd October, 2016 (WAM)–The Central Bank of the UAE announced that a delegation headed by the Governor, Mubarak Rashed Al Mansoori, has participated in the 66th Meeting of the Committee for the Governors of The GCC Central Banks and Monetary Institutions.

The event was organised by the GCC General Secretariat in Riyadh, Saudi Arabia on Wednesday September 28, 2016.

The agenda for the meeting included a review of the minutes of the meetings for the committees in charge of Banking Supervision and Oversight of the Financial System, payments systems (GCC RTGS), and banking training institutes in GCC countries.

In addition, participants also discussed innovations within the framework of anti-money laundering and combating financing of terrorism. Other agenda items included developments in the joint dialogue between GCC Central Banks and monetary institutions and their counterparts in the ASEAN Group plus 3.

The Central Bank of the UAE presented its second quarter report of monetary, banking and financial market developments in the UAE. In addition, it also presented a study on the latest proposed reforms to determine Interbank Offered Rates between banks in the UAE to inform the plans in other GCC countries.

With respect to negotiations with the European counterparts, participants have proposed a number of topics for the upcoming meeting on May 18, 2017 in Frankfurt, Germany. Proposed topics include facilitating data exchange in the fields of banking and financial operations and enhancing collaboration with officials on workshops dealing with timely monetary and economic issues as well as the latest techniques to enhance statistical methodologies.

The cooperation could also avail training for new employees in the GCC monetary institutions and central banks in European Central Banks. In return, GCC countries could lend its expertise to facilitate the development of Islamic financing in European countries.