The Arab Monetary Fund signed a Memorandum of Understanding (MoU) with the Deutsche Bundesbank.
The MoU aims to establish a partnership between the two institutions in order to pursue joint efforts for providing technical assistance and promoting capacity building activities in the Arab Region.
H.E. Dr. Abdulrahman A. Al Hamidy, Director General Chairman of the Board, signed on behalf of the Arab Monetary Fund, where Dr Benedikt Fehr, Head of the Department for Economic Education University of Applied Sciences and Technical Central Bank Cooperation and Mr. Martin Dinkelborg, Director of the Centre for Technical Central Bank Cooperation, signed on behalf of the Deutsche Bundesbank.
The memorandum provides the opportunity to strengthen cooperation and develop joint activities and programs in the field of providing technical assistance and support the development of opportunities and human capacity building, where they will be working together to develop initiatives and provide technical support and capacity building according to the needs of Arab countries according to the development of the financial and banking sector and the functions of the central banks, within the goals and programs of both institutions. The scope of cooperation will include, in addition to providing technical assistance and launch training programs, participation in conferences and seminars in the common interest of the two institutions to serve the Arab countries.
On this occasion, H.E. Dr. Abdulrahman A. Al Hamidy pointed out that there is a productive cooperation with the Deutsche Bundesbank, and that the signing of this MoU aims to consolidate and expand the scope of this cooperation, in the interest of the Fund to develop its activities and programs in the area of capacity building for the Member countries as part of its strategy for the next phase, noting in this regard the efforts of the Deutsche Bundesbank and the important role it plays in supporting the training and advisory activities.
Similarly, Dr. Benedikt Fehr emphasized that the signing of this MOU represents a step towards strengthening the presence of the Deutsche Bundesbank in the Arab region, and represent an important opportunity to exchange experiences with the Arab central banks in several areas.
Outline of the Arab Monetary Fund: is an Arab regional organization, founded in 1976, has a membership of 22 Arab countries. The fund aims to contribute to correct the imbalances in the balance of payments of Members, and work to remove restrictions on current payments between Member countries, in addition to establishing policies and methods of Arab monetary cooperation, and to give advice upon request, about issues related to foreign investment policies, as well as work on the development of Arab financial markets and work to create conditions that will lead to the establishment of a unified Arab currency.
The Economic Policy Institute of the Fund plays an important role in providing training programs and specialized workshops for all Arab central banks.
Outline of the Deutsche Bundesbank: a federal institution, was founded under German public law in 1957. The Bank’s primary aim is to follow-up and the development of monetary policy for the euro zone. The Banks’s aims equally to maintain the safety of German financial and monetary system, banking supervision, and payments. Technical Cooperation Center of the bank plays an important role in providing training programs and advisory services to a large number of central banks across the world.