GCC net

The Gulf Cooperation Council (GCC), as part of its core objectives, strives to achieve coordination and cooperation among its members in all aspects, to ensure a unified approach. In order to realize this, committees focusing on appropriate programs and mechanisms have been established, with the aim of accomplishing maximum cooperation and completeness.

One such committee, the "Governor's Committee of Monetary Agencies and Central Banks", seeks to establish a single currency for the GCC. Also, it aims at achieving an overall agreement on comprehensive and adequate "Monetary Policies and Financial Legislations" among the GCC members at a macro level.

In keeping with the above, high priority was accorded to establish ATM (K-net) national switches within the GCC countries and thereafter inter-linking them. The Governor's committee had agreed at its 21st meeting on 13 September 1994, to call for the creation of a technical working group which would be responsible for discussing the process of achieving this objective.

Since then, several meetings were held to ensure that the agreement arrived at by the Governors to establish a single ATM (K-net) network linking all the GCC National Switches, is achieved. The project aimed at providing GCC residents with the opportunity to utilize such a service, independent of third-party networks.

The GCCNET offers numerous features, in keeping with standards of similar international networks. A notable aspect is the availability of this ATM (K-net) switching facility at a reasonable fee. Further, with the decrease in the margin of exchange rates between the GCC currencies, account settlement between the member countries are conducted in those countries' own currency, without the need for opening a non-GCC currency account.

The GCCNET is a single ATM (K-net) network linking all the GCC National Switches. It offers numerous features, kept with standards of similar International Networks. A notable aspect is the availability of this ATM (K-net) switching facility at a reasonable fee. Further, it decreased the margin of exchange rates between the GCC currencies, account settlement between the member countries are conducted in those countries' own currency, without the need for opening a non-GCC currency account.