Shura Council to discuss GCC Cross-border Payment Systems deal

TDT | Manama                                                

The Daily Tribune – www.newsofbahrain.com     

The Shura Council will discuss an agreement today to link the payment system of Bahrain with the cross-border payment systems of the Gulf Cooperation Council (GCC), as per Decree No. (20) of 2022 to promote economic integration among GCC countries.

The discussion will focus on a report by the Financial and Economic Affairs Committee, which aims to improve the safety and efficiency of joint payment systems and reduce potential risks to maintain financial stability within the participating GCC countries.

The agreement also seeks to establish central and supervisory banks, oversight systems, clearing operations, and regional infrastructure to support the unified payment systems in the GCC countries.

The Financial and Economic Affairs Committee believes this agreement aligns with the global trend of expanding utilisation of financial technologies and future foresight.

In addition, the session will address questions by Sheikh Ahmed bin Mohammed bin Ali Al Khalifa to the Minister of Municipal Affairs and Agriculture on projects, agricultural lands, and palm statistics and by Hamad bin Mubarak Al Nuaimi to the Minister of Works on the Ministry’s plan to utilise the available spaces under the bridges.