The Bull

Wednesday 19

December, 2018 4:59 PM



DICTIONARY : A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Arab Monetary Fund

What does it mean?


The Arab Monetary Fund is a sub-organization of the Arab League, and it facilitates trade and financial market development as well as monetary cooperation among the League’s member states. The organisation’s 22 member states include the United Arab Emirates, Somalia, Saudi Arabia, Morocco, Libya, Iraq, Egypt, Bahrain, and Algeria.

 

The history of the Arab Monetary Fund

 

Founded in 1976, the Arab Monetary Fund became operational in 1977. The first director of the fund, Dr Jawad Hashim, served from 1977 until 1982, when the Arab Monetary Fund first funded and oversaw Investcorp’s initial launch and established the Fund’s headquarters in Abu Dhabi. The primary responsibility of operating the Arab Monetary Fund rests with the Board of Executive Directors, the Director-General and the Board of Governors, also known as the General Assembly. Representing the highest authority in the formulation of Arab integration policies, the General Assembly is the main force behind the liberalisation of trade among the member states.

 

The objectives of the Arab Monetary Fund

 

The main purpose of the Arab Monetary Fund is to balance and, when required, correct the payments of member states. Their other objectives include removing restrictions on payments between the members, improving monetary cooperation and facilitating and promoting increased trade between member states through the development of Arab financial markets to usher in a unified Arab currency. With regard to achieving goals, the Arab Monetary Fund offers medium and short-term credit, extends technical assistance to monetary institutions, such as banks, aids in the settlement of payments, and works concurrently with organizations on an international scale.

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