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Call for Regional Banking Cooperation
Economy, Business And Markets

Call for Regional Banking Cooperation

The central bank governor has called for regional cooperation to set up credit lines using local currencies to have more transparent trade transactions under the supervision of the central banks, IRNA reported on Sunday. He was speaking in a meeting attended by Middle East and South Africa central bank governors on the sidelines of the 2015 International Monetary Fund/World Bank Group spring meetings. During the meeting, Masood Ahmed, IMF director for the Middle East and North Africa, reviewed the problems faced by the banks in light of regulatory standards and commercial and economic sanctions. He noted that “the need to observe certain regulations set by the US Treasury such as Foreign Account Tax Compliance Act (FATCA) and anti-money laundering and anti-terrorism financing regulations have elevated the risk of US dollar in transactions raising concerns among the banks as major players in global trade.

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