Abu Dhabi – United Arab Emirates: On Thursday, Feb 13,2020, in Abu Dhabi-United Arab Emirates, The Arab Monetary Fund (AMF) and the Deutsche Bundesbank renewed their Memorandum of Understanding (MoU).  The new MoU aims at further enhancing the existing cooperation between the two institutions in the field of technical assistance and capacity buildings for the Arab officials, so as to achieve financial, economic and monetary stability and hence promote economic growth in the Arab region.

The MoU was signed by H. E. Dr. Abdulrahman A. Al Hamidy, Director General Chairman of the Board of the Arab Monetary Fund, and Mr. Burkhad Balz, Board Member of the Deutsche Bundesbank.

By signing the MoU, it is hoped to enhance the corporation in various fields of mutual interest such as training and capacity building, financial reforms, financial inclusion, payment system and financial infrastructure so as promote financial and economic stability in the Arab region.

On this occasion, H.E. Dr. Abdulrahman A. stressed that cooperation with the Bundesbank, was fruitful by all means. The Renewal of the MoU, he added, come in the framework of widening the scope of the current cooperation for the purpose of strengthening the financial sector of the Arab region as envisaged by the AMF strategy and vision.

Mr. Burkhard, of the Bundesbank expressed his delight by signing this MoU with the Arab Monetary Fund and stressed the determination to leverage up on what has been achieved through the fruitful cooperation with the AMF. He had reiterated the willingness to increase the future cooperation in the various fields of financial and economic initiatives that matter for promoting economic growth for the Arab region.   

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About the AMF:

The Arab Monetary Fund is a regional Arab financial institution, founded in 1976, and has started operations in 1977. The AMF’s mission is to lay the monetary foundation of Arab economic integration and to accelerate the process of economic development of its member countries, through providing training and capacity building in topics of interest, as well as financial and technical assistance to member countries to correct balance of payments disequilibria and implement structural reforms towards the modernization of their financial systems, and offering technical assistance, capacity building and training to banking and monetary institutions in Arab countries with the objective of developing and strengthening their financial markets. 

About Deutsche Bundesbank

The Deutsche Bundesbank was established as the central bank of the Federal Republic of Germany in 1957. The Central Office is located in Frankfurt am Main. There are Regional offices in nine Germany cities. They in turn have 35 branches.

The main function of the Bundesbank is banking supervision.   

© Press Release 2020

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