Abu Dhabi – Mubasher: The economic health of any country hinges on the efficiency of its financial system and banks in particular, Abdulrahman Bin Abdullah Al Hamidy, president of the Arab Monetary Fund’s (AMF) Economic Policy Institute said Tuesday.
On the sidelines of the Institute’s Intensive Monitoring on Big Banks seminar held in Abu Dhabi, Al Hamidy added that banking crises could cost countries up to 10% of their gross domestic product (GDP), citing the 2008 financial meltdown.
“The importance of bank monitoring lies in maintaining the system’s health and avoiding banking crises that could plague countries' economies,” Al Hamidy detailed at the opening of the seminar that will end Thursday.
“The improved and increasingly complex banking business along with its grave risks requires highly sophisticated monitoring systems to guarantee its soundness,” he explained.
Edited by Pavly A. Makary
