Chairman of the Board of Governors of Arab Central Banks and Monetary Institutions El-Sadiq Amr el-Kabir called Sunday for continuing banking reform efforts in the Arab countries.
In his speech during the opening of the 38th Ordinary Session of the Board of Governors in Algeria, el-Kabir added that difficulties experienced by the Arab economies due to regional and international fluctuations and other factors within the region is reflected in the declining investment, low growth rates and high unemployment rates.
Director General and Chairman of the Board of the Arab Monetary Fund Abdulrahman Bin Abdullah Al Hamidy expected tha Arab economies to achieve growth rates of 6.3% by the end of this year.
He warned of the risks of global economic developments on the region. "Such challenges require further cooperation, coordination and joint action".