Board of Governors of Arab Central Banks Elect Dr. Jihad Al-Wazir as its Chairman

Board of Governors of Central Banks and Arabic Monetary Agencies, elected Dr. Jihad Al Wazir, Governor of the Palestinian Monetary Authority, as its Chairman, in it's 34th ordinary meeting, which was held in the Libyan Republic. Sheikh Abdullah Bin Saud Al Thani ,Governor of Qatar Central Bank, was elected Vice-President.

In his opening speech Dr. Jihad al-Wazir, thanked the Board of Governors for choosing Palestine to chair the meeting He also thanked the Libyan Republic and Central Bank of Libya for the warm reception and exceptional hospitality.

During his speech, Dr. Wazir thanked Dr. Sabir Mohammed Hassan, governor of Central Bank of Sudan on the considerable efforts made during his presidency of the Council, he also thanked Dr. Jassim Al Mannai, General Director and Chairman of the Arab Monetary Fund, and all workers in the Fund on their fruitful efforts in the development of the Council's activities.

While talking about the global financial crisis and its repercussions, Dr. Wazir said: The most important lesson to be drawn from the crisis is the need to improve coordination between regulatory authorities particularly the central banks and capital market regulators in the Arab world and internationally.

He added that the initiative of the International Settlements Bank in thinking of new standards related to good governance and protecting the banking sector and payment systems increases the size of the responsibility we encounter as governors of central banks and monetary authorities to bring the financial and banking sectors in our countries to international standards as part of the effort made to contribute to global financial stability.

At the end of his speech Dr. Jihad al-Wazir thanked the Banks Supervisory Committee and the Committee of Payment Systems on the papers and the valuable studies they provided for the meeting course.