In Tunis, Abdellatif Jouahri Advocates for Arab Monetary Cooperation

During a statement made at the opening of the 49th ordinary session of the Council of Governors of Arab Central Banks and Monetary Institutions, Abdellatif Jouahri highlighted the importance of addressing the political and economic shocks currently affecting the world, which have recently been compounded by trade shocks. Jouahri noted that these developments present a challenge for central banks, with each country striving to tackle these issues using its own resources. He called for enhanced cooperation among these institutions to effectively address these challenges. This session will include a meeting focused on combating the financing of terrorism and money laundering. According to the Governor of Bank Al-Maghrib, the aim is to allow countries on the grey list to draw inspiration from the experiences of other nations, such as Morocco, that have successfully moved off this list. Regarding the current level of coordination and cooperation in the monetary field among Arab countries, Jouahri pointed out disparities between oil-producing and non-oil-producing nations. He remarked that Morocco's monetary policy figures are "exemplary." The central bank of Morocco has engaged in cooperation with several of its Arab counterparts, in line with the policy pursued by the Kingdom under the enlightened leadership of His Majesty King Mohammed VI. Jouahri added that while bilateral cooperation between central banks often takes the form of deposits, the current trend is shifting towards "technical cooperation as much as possible," particularly to address challenges related to digitalization and climate change. Moreover, he emphasized the importance of technical cooperation in the field of monetary policy, where the exchange of experiences is crucial amid global uncertainties that impact the operations of central banks. It is worth noting that Sudan is presiding over the 49th ordinary session of the Council of Governors of Arab Central Banks and Monetary Institutions, organized over two days by the Arab Monetary Fund and the Central Bank of Tunisia.