عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Governors of Arab Banks Discuss Cross-Border Payments

Governors of Arab banks meet at a roundtable meeting on Central Bank Digital Currencies (CBDC) in Jeddah, Saudi Arabia. (Asharq Al-Awsat)
Governors of Arab banks meet at a roundtable meeting on Central Bank Digital Currencies (CBDC) in Jeddah, Saudi Arabia. (Asharq Al-Awsat)
TT
TT

Governors of Arab Banks Discuss Cross-Border Payments

Governors of Arab banks meet at a roundtable meeting on Central Bank Digital Currencies (CBDC) in Jeddah, Saudi Arabia. (Asharq Al-Awsat)
Governors of Arab banks meet at a roundtable meeting on Central Bank Digital Currencies (CBDC) in Jeddah, Saudi Arabia. (Asharq Al-Awsat)

Merits of using digital currencies in cross-border payments, specifically inter-Arab payments, were discussed on Monday by governors of Arab banks at a roundtable meeting on Central Bank Digital Currencies (CBDC) in Jeddah, western Saudi Arabia.

Many central banks in the Arab world have the infrastructure that enables them to launch digital currencies, especially the countries of the Gulf Cooperation Council (GCC).

GCC member states have proved they possess the tools and expertise needed in implementing digital currency programs. This was indicated by a survey conducted by the Arab Monetary Fund.

The survey found that 76% of 17 Arab central banks are studying the possibilities of issuing CBDCs.

In a speech at Monday's event, Saudi Central Bank (SAMA) Governor Fahad Al-Mubarak highlighted the need of the financial sector tapping into all information technology, including artificial intelligence and digitization.

The Fourth Industrial Revolution brought about emerging technologies and innovative work models that could help the financial sector reduce costs and offer better service, Al-Mubarak pointed out.

Urging the central banks to make better use of the new technologies to revitalize the Arab economies, he said these banks should take stock of the distinctive needs and characteristics of each country while issuing digital currencies.

He also suggested analyzing the possible impacts of issuing a digital model of sovereign currencies and conducting the necessary tests with a view to better understanding of future policies and legislations.

Abdulrahman Al Hamid, who currently serves as Director General Chairman of the Board in the Arab Monetary Fund, noted that there is an accelerating pace of digitization of financial services.

Digitization, according to Al Hamid, is largely driven by innovation in financial infrastructures, the use of distributed records technology, and the provision of various aspects of digital currencies to central banks.

Most Viewed

 
 
Business

FAO Aims for Key Outcomes at COP16 in Saudi Arabia

Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
TT
TT

FAO Aims for Key Outcomes at COP16 in Saudi Arabia

Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)

Dr. Abdul Hakim Elwaer, Assistant Director-General of the Food and Agriculture Organization (FAO), stated that the organization will take an active role at COP16, the UN conference on combating desertification, scheduled to take place in Saudi Arabia in early December.

In remarks to Asharq Al-Awsat, he expressed confidence that the conference—the first of its kind in the Middle East—would produce significant outcomes.

Elwaer’s comments came during a roundtable organized by FAO’s regional office in Cairo, attended by a select group of media representatives. The session focused on FAO’s participation in the upcoming conference and the importance of the Rio Trio —the integrated framework of the three major UN conventions addressing climate change, biodiversity conservation, and desertification.

Fida Haddad, FAO’s Program Officer for Land Rehabilitation and Climate Change, highlighted the interconnectedness of the three conventions and noted that COP16 would place a strong emphasis on land and water rehabilitation and their sustainable management.

Haddad pointed out that approximately 90% of the Middle East is affected by arid conditions. Despite this, local communities and Arab governments have made notable progress in addressing desertification and drought. She also announced that, for the first time, FAO has successfully placed food systems on the COP16 agenda, enabling discussions on how land rehabilitation can enhance food supply chains and systems.

Elwaer underscored FAO’s central role in achieving the second Sustainable Development Goal (SDG): eradicating hunger. He emphasized that FAO actively engages in the UN conventions on climate change, biodiversity, and desertification, which collectively contribute to this mission.

FAO’s focus, according to Elwaer, is on transforming food and agricultural systems to become more inclusive, efficient, and sustainable, aiming for better production, nutrition, and livelihoods. He highlighted the organization’s success in integrating these priorities into the agendas of the three conventions and collaborating with host countries on joint initiatives.

He further noted that Saudi Arabia’s hosting of COP16 is particularly significant for the region, which faces pressing challenges such as water scarcity, desertification, and food insecurity. The conference presents an opportunity for Middle Eastern nations to highlight these issues, explore solutions, and ensure their inclusion in global environmental discussions, not only at this event but in future COP sessions, he underlined.

Elwaer emphasized the growing global attention on desertification, as it is now impacting regions previously unaffected, such as southern Europe and parts of Latin America. These areas are witnessing alarming declines in arable land and forests, prompting them to seek lessons from the Arab world, which has developed resilience strategies to combat desertification over centuries.

FAO will have a strong presence at COP16, with two dedicated pavilions—one in the Blue Zone for official delegations and another in the Green Zone to engage civil society and conference participants, he said.

He added that in collaboration with Saudi Arabia and the UN, FAO will lead coordination on Food Day and Governance Day, scheduled for December 5 and 6, respectively. The organization will also participate in other specialized sessions throughout the conference.