«Arab Monetary» establishes the Arab clearing system
30/8/2018 12:00 am
Abu Dhabi / Morning follow up
The Arab Monetary Fund (ADF) headquarters in Abu Dhabi, the capital of the United Arab Emirates (UAE), was set up by the Board of Governors of the Fund. The Council decided to set up an Arab Monetary Fund (AMF).
A statement issued by the Arab Monetary Fund (AMF) said that "a consulting services contract was signed with Booz Allen Hamilton to provide technical advice to the Fund to help fulfill the requirements of the implementation phase. Services".
"The Arab clearing system aims at enhancing the use of the Arab currencies in clearing and settling Arab inter-payments, in addition to major international currencies, which helps to reduce the time and cost of clearing Arab financial transactions and enhancing Arab investments and trade."
He pointed out that "the system seeks to link with payment systems of the main trading partners of Arab countries.
It will also work on the development of clearing and settlement services of small payments, which will contribute to enhancing the financial coverage in the Arab countries, as well as studying the possibility of providing clearing and settlement services securities between the Arab countries, thus helping to link the Arab capital markets and enhance opportunities for financial integration Regional "level.
It should be noted that the Fund cooperates in the implementation phase with central banks and Arab monetary institutions, and with international financial institutions such as the IMF, the World Bank and the Bank for International Settlements. It also communicates with Arab financial and banking institutions as well as a number of strategic partners from financial and technical institutions.
In this context, the Fund continues to work with the central banks of the Arab trading partners.
The statement was issued by the Director General and Chairman of the Board of Directors of the Arab Monetary Fund.
Abdulrahman bin Abdullah Al-Humaidi, said: "The contract with Booz Allen Hamilton is a continuation of the design phase. The company has provided consultancy services in its preparation, expressing confidence in the capabilities of the company to provide the required expertise to help in the success of implementation.
A partnership with all parties, parties and institutions in the Arab region and the world, to contribute to the establishment of the Arab clearing system and to provide innovative services and products with high efficiency and cost appropriate.
Al-Humaidi also noted "the great support provided by the Board of Governors of the Central Banks and the Arab Monetary Institutions for this project.
He also praised the support and support provided by the authorities in the UAE and their keenness to provide all the necessary inputs to complete the establishment and operation of the system. For his services."