Egypt’s monetary policies boosted financial stability: Arab bankers

Egypt’s monetary policies have contributed to bolstering financial stability in the country, Arab bankers said on Friday.

The Union of Arab Banks decided to award Central Bank of Egypt Governor Tarek Amer the prize of “2017 governor” in appreciation of his efforts in regulating Egypt’s monetary policies, Union of Arab Banks Chairman Mohamed el Jarrah el Sabbah said.

Jarrah was addressing the Union of Arab Banks forum that kicked off earlier Friday in the Red Sea resort city of Sharm el Shiekh under the rubric: “Challenges of meeting the requirements of International Financial Reporting Standards (IFRS 9)”.

He added that Amer will receive the award during the inauguration of the union annual conference for 2017, slated for November 23-24 in Beirut.

Meanwhile, Central Bank of Egypt Deputy Governor Gamal Negm said that the topic of this year’s conference is of special importance in light of lessons from the 2008 financial crisis.