The Board of Governors of Central Banks and Arab Monetary Institutions calls for enabling young people and entrepreneurs to access financial services

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Economy News Baghdad:

The Board of Governors of Central Banks and Arab Monetary Institutions called for the access of youth and entrepreneurs to financial services.

"Enhancing levels of financial inclusion in the Arab countries is an important focus of the Central Bank and Arab Monetary Fund's board of directors' concerns, as it plays an effective role in enhancing financial stability and supporting opportunities for sustainable development and social welfare," the council said in a press release. "He said.

"In this context, in 2016, in light of the increasing need to increase awareness of the importance of financial inclusion and its contacts with all parties in the Arab countries, the Council has adopted an Arab Day for Financial Inclusion, which falls on April 27 of each year, Access of young people and entrepreneurs to financial services ".

"The Council appreciates the steps and actions taken by the Arab countries to promote financial inclusion and reaffirms the need to integrate all segments of society and its sectors into the formal financial system, especially youth, women and entrepreneurs, by enhancing their access to and use of financial services and products commensurate with To protect their rights and to enhance their knowledge and awareness of financial matters so that they can make the right investment decision. "

"The Council stresses the role of central banks and Arab monetary institutions and supervisory bodies in the financial sector in the Arab countries in enhancing financial coverage through the development of laws and legislations aimed at enhancing the dissemination of financial and banking services, developing payment systems and credit inquiries and identifying gaps and obstacles in both supply and demand And to take measures and policies to address them and stimulate the private sector and financial institutions and banks and related parties to play their role in raising awareness and financial culture to enable and strengthen the capacities of local communities.

He pointed out that "the Council is keen to give the issues of financial inclusion in the Arab countries the importance it deserves. The Council has launched a number of different activities and initiatives in cooperation with relevant regional and international institutions. These efforts have been strengthened recently by launching the Arab Monetary Fund in cooperation with a number of regional institutions (FIARI) aims at empowering and enhancing capacities and capabilities to overcome obstacles to improving indicators of financial inclusion in the Arab countries. To support young cz and empower women financially and encourage the development of emerging companies and entrepreneurs, through the provision of necessary for the development of strategies and policies in this regard, technical advice.

He stressed that "the Council calls on the regional and international institutions to cooperate and coordinate among themselves in the framework of this initiative, which contributes to support the efforts of the authorities in the Arab countries The Council also stresses the importance of taking steps and specific actions on the ground to promote the rates of financial inclusion through the promotion Innovations for the development of the banking industry, including initiatives such as opening an account for each citizen, providing special financial and banking products and services for young people and women, taking special initiatives to bridge the gender gap, Financial and banking Gat. "

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