GCC says financial integration boosts economic ties and growth
The Gulf Cooperation Council highlights tangible achievements in financial integration, strengthening member economies and opening new horizons for growth.
The Gulf Cooperation Council (GCC) has highlighted the tangible benefits of financial integration among its member nations, which has strengthened their economic ties and opened new avenues for growth. The council noted that the GCCNET system connects ATMs and point-of-sale terminals across the Gulf, allowing for swift and secure use of bank cards. Additionally, the Afaq system streamlines instant, low-cost money transfers between GCC countries.
The GCC reported that the financial and banking sector in the region has experienced significant integration, with over 30 licensed Gulf banks now operating within the bloc – a 66.7% increase since 2007. This expansion in financial integration is more than just a matter of statistics; it serves as a cornerstone for bolstering economic and financial cooperation among the Gulf states.
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