Arab Monetary Fund reviews payment settlement systems, financial inclusion mechanisms

ABU DHABI — As part of its efforts to develop sound and efficient infrastructure for banking systems in the Arab World, the Abu Dhabi-based Arab Monetary Fund, AMF, has recently discussed reports on central banking issues, payment settlement systems and methodologies to promote financial inclusion and stability in the Arab countries.

The reports were received by the Arab Committee on Banking Supervision, the Arab Committee on Credit Information and the Arab Committee on Payment and Settlement Systems during the annual meeting of the Permanent Bureau of the Board of Governors of Central Banks and Arab Monetary Institutions, organised by the AMF at its headquarters in Abu Dhabi, to prepare for the 41st session of the Bureau.

The meeting’s agenda included a report by Abdulrahman bin Abdullah Al Humaidi, Director-General and Chairman of the AMF, and other topics, including monitoring the risks of sovereign debt, external support for financial and banking services, the institutional and legal framework to protect consumers of financial services in Arab countries, statistical surveys on the demand for financial services, modern methodologies for stress testing, and credit exchange requirements in Arab countries. Other topics in the report included the role of credit information systems in mitigating risks of excessive leveraging, and the co-ordination between monetary and financial market authorities to monitor financial infrastructure systems.

The Bureau welcomed the AMF’s planned regional initiative to promote financial inclusion in Arab countries, in co-operation with the Global Alliance for Financial Inclusion and the German Development Agency, which aims to provide technical consultation to assist Arab countries in adopting national strategies and programmes that promote financial inclusion, particularly to empower women and youth, enable SMEs to obtain financial services, and enlarge the scope of benefit from modern technologies and international expertise.

The Bureau also approved the date and location of its 41st annual meeting, which will take place on 17th September in Abu Dhabi.

The meeting was chaired by Abdullatif Al Jawahiri, Governor of the Central Bank of Morocco and President of the Current Session of the Bureau, in the presence of Abdulaziz Wuld Dahi, Governor of the Mauritanian Central Bank and Vice President of the Bureau; Mubarak Rashed Al Mansoori, Governor of Central Bank of the United Arab Emirates; Tarek Amer, Governor of the Egyptian Central Bank; Abdulrahman bin Abdullah Al Humaidi, , and Dr. Kamal Hassan Ali, Assistant Secretary-General of the League of Arab States for Economic Affairs.

Source: Emirates News Agency