The Union of Arab Banks (UAB) conference announced on Monday the establishment of a regional office in Saudi Arabia.
Saudi Central Bank (SAMA) Governor Ayman al-Sayari confirmed the establishment of the regional office in Saudi Arabia, saying it will support the Union and provide needed services amid the recent economic developments, global political changes, and global state of uncertainty that impact the monetary policy developments.
The developments prompted many central banks to adopt strict monetary policies to curb the ongoing price rises.
Sayari explained that these strict policies led the International Monetary Fund (IMF) to reduce its expectations for global economic growth to three percent during 2023, accompanied by high fluctuations in global markets and the increasing challenges facing emerging economies.
He pointed out that global economic challenges require a rigorous follow-up and analysis of the developments to ensure the ability to deal with their effects and develop the financial and banking systems, including financial technologies.
SAMA announced the launch of the annual conference, organized by the Union of Arab Banks in Riyadh, on Monday under the patronage of the Governor of SAMA.
During the five main sessions, the panel will discuss 21 economic and financial topics and organize a technical workshop.
