The Arab Monetary Fund (AMF) is ready to accompany t the Ministry of Finance in the financial system reform, recently decided by the Algerian government, said Monday in Algiers, President of the AMF, Abderrahmane Al Hamidi.
During an audience with Finance Minister Mohamed Djellab, Hamidi announced AMF "readiness to provide the Ministry of Finance with assistance in the ongoing reforms, notably those relating to the banking sector," said a ministry statement.
The President of the AMF is currently in Algiers as he participated on Sunday in the 38th meeting of the Governors of Arab Central Banks.
A new reform of the financial system, designed chiefly to professionalize banks and diversify the sources of the financing of the economy, will be launched by the end of the year, Djellab announced Sunday.
Overall, the reform provides for broader representation on the boards of directors of banks (hitherto reserved only to bankers) and boosts the development of payment systems through the use of new means of payment, the same official added.
Djellab meeting with the president of AMF also focused on the economic situation in Algeria, AMF calls in good health, as well as the role of this institution and its relations with international and regional financial institutions, the statement added.
Algeria is a founding member of the AMF and is the second largest contributor to its capital.