These Operating Rules are issued by the Central Bank in pursuance of the National Payment Systems Law which governs the operation of payment systems and the provision of payment services in the Sultanate of Oman. For implementation of these Regulations, the word expressions listed in Appendix

III shall have the corresponding meanings unless the context requires otherwise.

The Real Time Gross Settlement System (RTGS) is to provide 24 X 7 Real Time electronic funds transfer system with finality for all payments made by the participants on their own behalf or on behalf of their customers for the payments effected through the RTGS including the settlement of net obligations of the Retail Payment Systems. The RTGS system will integrate with Arabian Gulf System for Financial Automated Quick Payment Transfer (AFAQ) system to process RTGS payments to GCC region.