Banking and financial institution officials last week met in Tunisia to discuss far-ranging reforms and ways to foster growth once the world's economy recovers.
By Mona Yahia for Magharebia in Tunis – 08/12/09
Banking officials at a Tunis conference urged the Maghreb's financial institutions to carry out radical reforms in order to make the most of prosperity they hope will follow the global economic crisis.
The conference, which wrapped up December 3rd, gathered 150 representatives from financial institutions, including the IMF and the World Bank, to discuss ways to recover from the international financial crisis.
"There are measures and arrangements that banks should undertake … in addition to monitoring execution and administrative hierarchies" to perform most effectively, the head of the Tunisian Professional Association of Banks and Financial Institutions, Mohamed Farid Ben Tenfous, told participants.
The International Exhibition of Banking, Financial and Monetary Services also hosted two seminars exploring ways in which Maghreb banks could expand their opportunities in the current period and find new ways to strengthen bank oversight.
Shoring up regional co-operation and promoting economic integration with the help of the IMF is also a solid financial plan, said Tunisian Central Bank Governor Taoufik Baccar.
Baccar called on the international community to carry out radical reforms, starting with creating new foundations for banking governance to guarantee international financial stability and sustained growth in the future.
The Tunisian bank official also stressed that several IMF policies should be reconsidered, especially how it handles global financial and monetary problems. He also said monetary monitoring institutions should adopt an international code of behavior to prevent future meltdowns.
Reforming bank governance must be a top priority for Maghreb banks, said Amor Tahiri, the IMF's deputy director general for the Middle East and Central Asia. He also urged regional banks to promote competitiveness, reinforce banking systems' foundations and establish security networks.
Shamshad Akhtar, vice president of the MENA region for the World Bank, said co-operation is essential to preventing another widespread economic crisis.
Akhtar said the Maghreb states should work together to reform their banking and financial services sectors, since Maghreb co-operation is essential to advancing development in the region.
Tahiri echoed this sentiment, highlighting the IMF's work in this area. "As you know, the IMF assisted Maghreb states in bolstering their co-operation in 2005," he said.
Also discussed at the Tunis conference were new financial tools for clients, including smart cards, ATMs and new banking software.
By Mona Yahia for Magharebia in Tunis – 08/12/09
Banking officials at a Tunis conference urged the Maghreb's financial institutions to carry out radical reforms in order to make the most of prosperity they hope will follow the global economic crisis.
The conference, which wrapped up December 3rd, gathered 150 representatives from financial institutions, including the IMF and the World Bank, to discuss ways to recover from the international financial crisis.
"There are measures and arrangements that banks should undertake … in addition to monitoring execution and administrative hierarchies" to perform most effectively, the head of the Tunisian Professional Association of Banks and Financial Institutions, Mohamed Farid Ben Tenfous, told participants.
The International Exhibition of Banking, Financial and Monetary Services also hosted two seminars exploring ways in which Maghreb banks could expand their opportunities in the current period and find new ways to strengthen bank oversight.
Shoring up regional co-operation and promoting economic integration with the help of the IMF is also a solid financial plan, said Tunisian Central Bank Governor Taoufik Baccar.
Baccar called on the international community to carry out radical reforms, starting with creating new foundations for banking governance to guarantee international financial stability and sustained growth in the future.
The Tunisian bank official also stressed that several IMF policies should be reconsidered, especially how it handles global financial and monetary problems. He also said monetary monitoring institutions should adopt an international code of behavior to prevent future meltdowns.
Reforming bank governance must be a top priority for Maghreb banks, said Amor Tahiri, the IMF's deputy director general for the Middle East and Central Asia. He also urged regional banks to promote competitiveness, reinforce banking systems' foundations and establish security networks.
Shamshad Akhtar, vice president of the MENA region for the World Bank, said co-operation is essential to preventing another widespread economic crisis.
Akhtar said the Maghreb states should work together to reform their banking and financial services sectors, since Maghreb co-operation is essential to advancing development in the region.
Tahiri echoed this sentiment, highlighting the IMF's work in this area. "As you know, the IMF assisted Maghreb states in bolstering their co-operation in 2005," he said.
Also discussed at the Tunis conference were new financial tools for clients, including smart cards, ATMs and new banking software.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.