The Sultanate hosted the 72nd meeting of the Governors of Monetary Institutions and Central Banks of GCC countries on Thursday at the GCC Supreme Council Consultative Authority building in Muscat.
Al Amri pointed out that the banking sector in the region has proved its resilience and its ability to adapt to the changes.
It is to be noted that during the meeting, a number of issues related to supervision and control of the GCC banking system, the payment systems and the use of technologies in the financial sector were discussed.
A Delhi court has allowed the Enforcement Directorate to send letters rogatory (LR) to 21 countries, involving the UK and the UAE, seeking assistance in the probe of a Rs 8,100 crore bank fraud case involving Gujarat-based Sterling Biotech Ltd.
The LRs will also be send to Albania, where the court recently allowed the ED to send extradition requests, after its special public prosecutor Nitesh Rana informed that its two directors — Nitin Sandesara and Chetankumar Sandesara — have obtained the citizenship.
The total volume of the alleged loan defraud is pegged at Rs 8,100 crore.
The governments of Italy and China signed an agreement to cooperate on Beijing’s global infrastructure plan, the Belt and Road Initiative, sealing an accord that has alarmed Italy’s U.S. and European allies.
China has amended its regulations on the capital management of transnational companies to help promote the liberalization and facilitation of cross-border trade and investment and better serve the country’s real economy.
China will ease the registration management of foreign debt and offshore loans and launch pilot reforms to facilitate foreign exchange settlement and payment in multinational companies after registration.
The country will also cancel restrictions that demanded multinational companies cooperate with only a limited number of banks.
The amount of non-cash payments in China continued to rise from a year earlier in the fourth quarter of 2018.
The amount of money involved in non-cash payments, including commercial papers, bank cards and other payment vehicles, was 960.89 trillion yuan (about 143.41 trillion U.S. dollars) in the fourth quarter, up 0.33 percent year-on-year.
Non-bank payment vehicles transacted 56.63 trillion yuan, up 22.26 percent from a year earlier.