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Friday 10 May 2024


Friday 10 May 2024

Central Bank of the UAE and Bank Indonesia sign MoU to promote the use of local currencies for bilateral transactions

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AFAQ (GCC RTGS)

A decision of the Supreme Council of the Gulf Cooperation Council (GCC) established The Arabian Gulf System for Financial Automated Quick Payment Transfer (AFAQ) to build and operate the GCC's Real Time Gross Settlement system (GCC-RTGS).

AFAQ is operated by the Gulf Payment Company, hosted in both the Kingdom of Saudi Arabia and the United Arab Emirates.

 

For further details, please refer to: The Gulf Payments Company

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Last updated on: Thursday 28 July 2022

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