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Arabian Monetary: an important financial inclusion to promote economic growth

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Arabian Monetary: an important financial inclusion to promote economic growth

November 11, 2015 0

Jordan hosted a high-level conference on financial inclusion and employment in Arab countries organized by the "AMF" in cooperation with "the Central Bank of Jordan" and "German Agency for Development."

In this context, Abdul Rahman bin Abdullah Hamidi Director General and Chairman of the Board of the Arab Monetary Fund, delivered a speech in which he stressed the importance of promoting financial inclusion in the Arab countries, in the light of the significant need to develop strategies to achieve the most comprehensive economic growth, which helps to meet the challenges of unemployment and enhances Social Justice.

He noted, "Hamidi" the efforts of the authorities in the Arab countries in recent times about the quest for the adoption of policies and tools that help improve financial inclusion indicators and access to finance and financial services, mindful of the needs of the broad in this regard in light of the low financial inclusion in the Arab Region indicators compared to the regional groups Other, where the percentage of the adult population in the Arab countries who are available to them access to formal financial services and financing to only 21% (without the Gulf Cooperation Council (GCC)), compared with 69% of the East Asian countries opportunities for example.

In contrast ratio up to the Gulf Cooperation Council (GCC) to 74% for 2014 in a marked improvement compared with the 2011 statistics when it reached almost 55%, but it is nonetheless still less than 94% of the group Economic Cooperation and Development (OECD) countries.

Hamidi also pointed out that there is a group of the main axes of the policies and requirements of the promotion of financial inclusion in the Arab countries. Is the most important themes in the need for improved coverage and access to finance and financial services in the scale of priorities of the economic and financial policies, and work to develop legislation and regulations regulatory frameworks that help to improve the spread of financial and banking services and encourage innovation in these services, and follow-up to improve the sound infrastructure sector systems efforts issues financial and banking work on the promotion and diversification of non-banking financial services, noting that the most important axis of which is the need to adopt national strategies for financial inclusion, share and cooperate in the supervisory authorities and the private sector.

Finally, he noted that the Arab Monetary Fund as part of its strategy for the coming years, attaches great importance to financial inclusion, where the strategy included the initiatives and activities of multiple, it aims to contribute to the promotion of access to finance and financial services in the Arab countries opportunities, noting that the Fund is working in collaboration with the Global Alliance for Financial Inclusion (AFI), to launch a joint initiative to promote financial inclusion in the Arab countries aimed at providing technical assistance to the authorities in Arab countries to develop capacity and policies in this regard.

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