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UAE Ratifies the Agreement of the Payment Systems Linkage System Between the Cooperation Council for the Arab States of the Gulf

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The Cooperation Council for the Arab States of the Gulf is strengthening the economies of the Council States amidst the global economic developments and enhancing their competitive capabilities by approving the establishment and creation of a linkage system for payment systems in the Council States and authorizing the monetary institutions and central banks in the Council States to own and manage the project through the establishment of an independent company owned and funded by the Council States monetary institutions and central banks.

The objectives as per article 2 of Federal Decree 180 of 2022 ratifying the agreement:

Establishing a system linking the payment and settlement systems between the Council States to transfer and settle payments and payment orders among them.

Advancing the safety and efficiency of the common Gulf payment systems to reduce any potential risks, to maintain financial stability in the participating Council States and serve their interests.

Consolidating and developing the powers of the central banks to supervise and control the payment systems among the Council States.

Promoting and developing machine clearances and procedures agreed upon by central banks.
Establishing a regional infrastructure and preserving its integrity to be the pillar on which common payment systems among the Council States are based, through the following:

Providing a cross-border real-time settlement system for the Council States.

Supporting dealing in the Council States local currencies and financial settlement operations between central banks.

Enhancing integration between financial markets, ensuring instant completion of cash transfers, unifying their format, ensuring their protection, and supporting bilateral and multilateral trade relations.

To view the details and full resolutions in Arabic and English, visit the link.  

By Lamyaa Mostafa
Senior Legal Editor

Lamyaa Mahmoud Mostafa joined Thomson Reuters in 2013 as a Content Specialist. Lamyaa holds a bachelor’s degree in Law from Ain Shams University in Egypt. In 2019, Lamyaa graduated with a Master’s Degree in Law from Middlesex University in Dubai.

Lamyaa was promoted, in 2019, to Senior Legal Editor. Lamyaa is a Native Arabic Speaker and proficient in English.

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