The governors of Arab central banks and monetary institutions met here on Sunday for their 38th ordinary session, with Governor of Central Bank of Kuwait (CBK) Mohammad Al-Hashel attending.
Addressing the meeting, the chairman of the council of governors of Arab central banks and monetary institutions and governor of the Libyan central bank Al-Sediq Omar Al-Kabir said the gathering came amid political, economic, financial and social challenges triggered off by regional and international developments and changes.
He believed that continuing economic slowdown worldwide seriously affects existing economic conditions in developing countries and emerging economies, and requires several developed countries to adopt financial austerity policies.
He admitted that such conditions had impeded efforts exerted to control the general financial situation in many countries, but continuing accommodative monetary policies had eased out impacts on economic growth rates.
Al-Kabir called for more concentration on structural reforms that boost economic growth and contribute to achieving aspired economic recovery by means of adopting deeper reform policies to support all-out growth.
He added that the conferees will mainly discuss the current economic and financial developments and ensuing challenges haunting Arab central banks.