Committee on Payment and Settlement Systems
The Arab Committee on Payment and Settlement Systems was established in 2004 by a decision of the Council of Governors of Arab Central Banks and Monetary Authorities and began holding meetings in 2005. The Committee comprises officials responsible for payment and settlement systems at Arab central banks and monetary authorities and works to strengthen cooperation and the exchange of expertise in this field.
Objectives
The Committee aims to develop payment and settlement systems across Arab countries by supporting national authorities in modernizing these systems and strengthening cooperation among relevant institutions at the Arab and international levels.
It also facilitates the exchange of knowledge and experience among Arab central banks and monetary authorities and raises awareness of payment and settlement systems through seminars, workshops, and periodic publications.
Technical Assistance and Training
The Arab Monetary Fund serves as the Committee’s Technical Secretariat. Its responsibilities include preparing for meetings, coordinating agendas, drafting and circulating meeting minutes to members, maintaining documentation, and contributing to studies that support the Committee’s activities.
A working group comprising Committee members is responsible for preparing working papers for the annual meeting and following up on the implementation of the work programme agreed upon by the Committee each year.
The Committee cooperates with international bodies specializing in payment and settlement systems, particularly the relevant committee at the Bank for International Settlements, supporting the exchange of knowledge and expertise in its areas of work.