ID :
207592
Fri, 09/16/2011 - 17:44
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Shortlink :
http://m.oananews.org//node/207592
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Central Banks & Arab Monetary Agencies' Board /Closing Statement
Doha, September 15 (QNA) - Under the patronage of HE the Prime Minister And Foreign Minister Sheikh Hamad Bin Jassem Bin Jabor Al Thani and under the chairmanship of HE Governor of Qatar Central Bank (QCB) Sheikh Abdullah bin Saud Al Thani, the Council of Arab Central Banks' governors, on Thursday evening issued their closing communiqué at the end of their 35th Meeting held in Doha .
The participants expressed their profound thanks to the State of Qatar and HH the Emir Sheikh Hamad Bin Khalifa Al Thani for their warm welcome and generous hospitality.
The participants including the governors of the Arab central banks and the Arab monetary funds as well as representatives of the Arab League and the World Monetary Fund and the World Bank and the Arab Banks' Union who attended as observers, discussed the first draft of the Arab economic report of 2011 and which reflects the economic developments the Arab states have witnessed in 2010 and which showcased an appropriate improvement in performance of the Arab economies during that year.
They also lauded the progress contained in such a report and discussed in this concern the current economic and financial challenges facing the Arab countries and voiced their fear of an expected return in growth rates this year.
Therefore they stressed the need to take effective policies necessary to counter the escalating unemployment rates especially among the youths and tackling the emergent social aspects and underscored in the meantime to maintain and keep intact the total economic stability as a precondition to the success of these policies.
They also reviewed the two working papers forwarded by the 20th meeting of the arab committee for banking control, the first
on ''Principles of Credit Management Risks'' and the second on'' Rules of Granting Financial Awards to the Banking Institutions''
And recommended to endorse the recommendations mentioned in the aforesaid report and the working papers of the said committee.
On the other hand, the Council was briefed on two working papers on the exchange of experiences relevant to the responsibilities of the central banks, and represented in the paper forwarded by Qatar Central Bank (QCB) on monetary and banking policies of the State of Qatar under the implications of the global financial crisis and how to counter them.
The Qatari paper outlined the procedures and steps taken by the Qatari government and Qatar Central Bank to curb and reduce the repercussions of the economic crisis, indicating that the economic policies adopted by the Qatar have much contributed to the safe exit of its banking systems out of the crisis and unscathed, as well as achieving good results for last year 2010.
The deliberations and discussions by the governors of the Qatari working paper showcased the success of the Qatar Central Bank to maintain monetary and financial stability during this period.
For his part, Governor of Central Bank of Tunisia (CBT) Dr. Mustafa Kamal Al-Nabli presented a working paper on "The Experience of the Tunisian Central Bank in dealing with the economic consequences of the transitional period after the Revolution."
Through such a paper dr. Kamal Al-Nabli reviewed the economic and banking effects of the political developments Tunisia has witnessed and the measures the Central Bank of Tunisia has adopted to address these implications.
These measures, the CBT governor noted, have secured the soundness and integrity of the banking and monetary operations and have much contributed to secure currency liquidity and pushing forward the investment activity in the country. Meanwhile Governor of Central Bank of Egypt (CBE) Dr. Farouk Al-Uqda presented a comment the CBE's experience in maintaining monetary stability during the events in Egypt after the Jan.25th revolution which ousted former president Hosni Mubarak and his corrupt regime.
The governors of the Arab Banks for their part voiced their confidence of the future prospects of the Tunisian and Egyptian economy and their banking sector and praising meantime the wise and rational measures the countries ‘two banks have taken in this regard.
They expressed their support for all central banks in the Arab countries that are witnessing political developments and transformations, wishing the return of the Central Bank of Libya for its role in maintaining monetary stability and enhancing the safety of financial and banking sector in Libya.
They called for the need to invite these institutions to develop and update their programmes in the Arab region to help contribute to addressing the problems of youth unemployment and promote the presence of the private sector, urging however the international institutions to adopt a strategy to help alleviate the debt burdens of the Sudan and enhance and consolidate its development efforts after the separation.
The board of governors also expressed deep thanks to HH the Heir Apparent Sheikh Tamim bin Hamad Al Thani, who was keen to welcome members of the Board and to welcome them to the State of Qatar, and conveyed thanks as well to HE Prime Minister and Minister of Foreign Affairs Sheikh Hamad bin Jassem bin Jabor Al Thani , for having kindly sponsored the meeting and to HE Governor of Qatar Central Bank (QCB) Sheikh Abdullah bin Saud Al Thani, for chairing this session and the rest of the QCB's officials for their distinctive cooperation in the organization of the meeting.
The participants expressed their profound thanks to the State of Qatar and HH the Emir Sheikh Hamad Bin Khalifa Al Thani for their warm welcome and generous hospitality.
The participants including the governors of the Arab central banks and the Arab monetary funds as well as representatives of the Arab League and the World Monetary Fund and the World Bank and the Arab Banks' Union who attended as observers, discussed the first draft of the Arab economic report of 2011 and which reflects the economic developments the Arab states have witnessed in 2010 and which showcased an appropriate improvement in performance of the Arab economies during that year.
They also lauded the progress contained in such a report and discussed in this concern the current economic and financial challenges facing the Arab countries and voiced their fear of an expected return in growth rates this year.
Therefore they stressed the need to take effective policies necessary to counter the escalating unemployment rates especially among the youths and tackling the emergent social aspects and underscored in the meantime to maintain and keep intact the total economic stability as a precondition to the success of these policies.
They also reviewed the two working papers forwarded by the 20th meeting of the arab committee for banking control, the first
on ''Principles of Credit Management Risks'' and the second on'' Rules of Granting Financial Awards to the Banking Institutions''
And recommended to endorse the recommendations mentioned in the aforesaid report and the working papers of the said committee.
On the other hand, the Council was briefed on two working papers on the exchange of experiences relevant to the responsibilities of the central banks, and represented in the paper forwarded by Qatar Central Bank (QCB) on monetary and banking policies of the State of Qatar under the implications of the global financial crisis and how to counter them.
The Qatari paper outlined the procedures and steps taken by the Qatari government and Qatar Central Bank to curb and reduce the repercussions of the economic crisis, indicating that the economic policies adopted by the Qatar have much contributed to the safe exit of its banking systems out of the crisis and unscathed, as well as achieving good results for last year 2010.
The deliberations and discussions by the governors of the Qatari working paper showcased the success of the Qatar Central Bank to maintain monetary and financial stability during this period.
For his part, Governor of Central Bank of Tunisia (CBT) Dr. Mustafa Kamal Al-Nabli presented a working paper on "The Experience of the Tunisian Central Bank in dealing with the economic consequences of the transitional period after the Revolution."
Through such a paper dr. Kamal Al-Nabli reviewed the economic and banking effects of the political developments Tunisia has witnessed and the measures the Central Bank of Tunisia has adopted to address these implications.
These measures, the CBT governor noted, have secured the soundness and integrity of the banking and monetary operations and have much contributed to secure currency liquidity and pushing forward the investment activity in the country. Meanwhile Governor of Central Bank of Egypt (CBE) Dr. Farouk Al-Uqda presented a comment the CBE's experience in maintaining monetary stability during the events in Egypt after the Jan.25th revolution which ousted former president Hosni Mubarak and his corrupt regime.
The governors of the Arab Banks for their part voiced their confidence of the future prospects of the Tunisian and Egyptian economy and their banking sector and praising meantime the wise and rational measures the countries ‘two banks have taken in this regard.
They expressed their support for all central banks in the Arab countries that are witnessing political developments and transformations, wishing the return of the Central Bank of Libya for its role in maintaining monetary stability and enhancing the safety of financial and banking sector in Libya.
They called for the need to invite these institutions to develop and update their programmes in the Arab region to help contribute to addressing the problems of youth unemployment and promote the presence of the private sector, urging however the international institutions to adopt a strategy to help alleviate the debt burdens of the Sudan and enhance and consolidate its development efforts after the separation.
The board of governors also expressed deep thanks to HH the Heir Apparent Sheikh Tamim bin Hamad Al Thani, who was keen to welcome members of the Board and to welcome them to the State of Qatar, and conveyed thanks as well to HE Prime Minister and Minister of Foreign Affairs Sheikh Hamad bin Jassem bin Jabor Al Thani , for having kindly sponsored the meeting and to HE Governor of Qatar Central Bank (QCB) Sheikh Abdullah bin Saud Al Thani, for chairing this session and the rest of the QCB's officials for their distinctive cooperation in the organization of the meeting.
