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REGIONAL BANKING SYSTEM ROBUST

Arab economies likely to grow by 4pc next year, says AMF

RIYADH, September 4, 2023

Arab Monetary Fund (AMF) has announced that as per its projections, the regional economies are set for a forecasted growth rate of 3.4% this year, with expectations of this figure increasing to 4% in 2024, said a top official.
 
Dr Abdul Rahman bin Abdullah Al Humaidi, the Director-General and Chairman of the Board of the AMF was speaking at the opening of the Arab Banking Conference 2023, which began today (September 4) in Riyadh, under the theme, "Arab Economic Outlook in Light of International Changes." 
 
He also underscored the importance of intensifying efforts to develop the financial and banking sector in Arab countries, increase access to financing and financial services, enhance domestic capital markets, and promote regional financial integration, reported Wam.
 
The Arab banking system has become more prepared to absorb and withstand financial and economic shocks and risks due to its improved liquidity and solvency levels, compliance with Basel III capital and liquidity requirements, and adherence to International Financial Reporting Standard (IFRS) 9, while effective banking supervision capacities have been improved to be in line with the best international standards and practices, he explained.
 
Al Humaidi affirmed that the banking sector in Arab countries is their primary source of economic liquidity, with assets totalling some $4.1 trillion, equivalent to 124% of the combined Gross Domestic Product (GDP) of Arab nations.
 
The sector has generally remained stable and capable of withstanding shocks due to its good levels of capital, asset quality, and profitability, thus reflecting the role of Arab central banks in maintaining financial stability, said the top official.
 
The Arab banking sector is distinguished by its high solvency, with the average capital adequacy ratio reaching 17.4 percent at the end of 2022, he added.



Tags: economy | banks | arab | Arab Monetary Fund |

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