Chairman of the Council of Governors of Arab Central Banks and Financial Institutions, Seddik Omar al-Kebir on Sunday in Algiers called to continue efforts of banking reform in the Arab countries, in an atmosphere marked by "difficult" economic conditions.
At the opening session of the 38th regular meeting of the Council, Al-Kebir emphasized "the importance of continuing banking reform in the Arab countries in order to consolidate the performance of the financial sector."
He stressed the important role of Arab central banks in achieving financial and monetary stability "in a very difficult situation."
The difficulties faced by the Arab economies, due to the regional and international mutations and further factors prevailing in the Arab world are reflected by dropping investments, decreasing growth rate and increasing unemployment, he said while stressing the need for deeper social and economic reforms and the consolidation of the opportunities for regional complementarity in order to overcome such crisis.
According to the Arab Monetary Fund, the growth rate of the region economies would average 3.6% by the end of 2014, indicated the CEO of the Fund’s Board of Directors Abderrahmane Benabdallah Al-Hamidi.