GCC to Integrate Check Clearing Systems

MUSCAT, 18 April 2005 — Gulf Cooperation Council (GCC) countries are planning to integrate all their inter-bank check clearing systems through a state-of-art facility called real time gross settlement (RTGS), a local newspaper reported yesterday. State-run Oman Daily Observer quoted Hamoud Sangour Al-Zadjali, executive president of Central Bank of Oman (CBO) as saying that a specialized committee was working on a mechanism to dramatically improve the way in which payments are made by banks, financial institutions and the government.