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Arab Monetary Fund: Access to banking services for all citizens will contribute to economic development

The Arab Monetary Fund and the Board of Governors of Central Banks and Arab Monetary Institutions called on Sunday to support the access of all sectors of the society to financial and banking services, pointing out that the access of banking services to all citizens will contribute to economic development.

The Fund said in a statement received by the Economist News that “the issue of enhancing access and use of financial services in the Arab countries is of great interest by the Board of Governors of the Central Banks and Arab Monetary Institutions, aware of the potential and potential opportunities that can be achieved by enhancing the financial coverage To support comprehensive and sustainable economic development and to meet the challenges of unemployment and social justice. ” 

He pointed out that “the Board of Governors of Central Banks and Arab Monetary Institutions in 2016 initiated in light of the increasing need to intensify awareness of the importance of financial coverage and its contacts with all parties in the Arab countries, and the adoption of April 27 of each year as an Arab day for financial inclusion, which is celebrated under the slogan” Financial support for sustainable development, “the statement said. The Council supported the efforts of the international community to enhance financial inclusion and its commitment to achieving sustainable development, particularly the G20, which adopted the focus of financial inclusion as one of the main axes of the economic and financial development program.

He added that “the Council is keen on the issues of financial inclusion in the Arab countries of the importance it deserves, where it launched several regional activities and initiatives to enhance financial inclusion in the Arab countries (FIARI) to enable and strengthen capabilities and possibilities to overcome the obstacles to improve the indicators of financial inclusion in countries Arabic”.

The Council appreciated the steps and measures taken by the Arab countries to promote financial inclusion and the need to integrate all segments of society and its sectors into the formal financial system, especially youth, women and entrepreneurs. Source