ABU DHABI, 2nd April, 2020 (WAM) — The Gulf Cooperation Council, GCC, Committee of Governors of Monetary Institutions and Central Banks – chaired by Mubarak Rashid Al Mansouri, Governor of the Central Bank of the UAE – yesterday held its 74th meeting remotely through videoconferencing.
The meeting was attended by the governors of GCC monetary foundations and central banks, along with Dr. Nayef Falah Mubarak Al Hajraf, Secretary-General of the Gulf Cooperation Council.
The meeting’s agenda included several issues, such as the recent procedures taken by GCC member countries to counter the economic effects of coronavirus, COVID-19, and its financial impact on the banking sector.
The meeting also discussed the recommendations of sub-committees and working groups supervised by the committee, as well as the payment systems of GCC countries, developments to the Gulf Payments Company, the supervision and monitoring of GCC banking systems and technologies used in the financial sectors of member countries, and related integration initiatives.
The committee then discussed the importance of exchanging cybersecurity information in the banking sector, and the efforts made by the GCC countries to counter money laundering and terrorist financing.
The meeting’s participants stressed the importance of following the flexibility standards of the International Financial Reporting Standard, IFRS-9, while highlighting the necessity for financial authorities to cooperate with auditors to ensure the reasonable and balanced accounting of deferred instalments.
Participants also reiterated the strength of the banking sector in the GCC countries and its capability of facing challenges and crises, noting that they closely monitor the effects of potential repercussions with the aim of staving off risks and taking the required measures.