Central banks of the Arab world have taken several protective measures, including the establishment of a hot line, to coordinate stances to evade the current international financial crisis, a senior official of the Union of Arab Bank (UAB) said Friday.
The UAB will discuss the impact of the ongoing global financial crisis on the Arab region at its annual meeting due in Beirut this November, UAB Secretary General Fouad Shaker told the Egyptian MENA news agency.
Shaker said the Arab banks should keep up normal activities, urging them "not to be extravagant in credit under the current circumstances."
Commenting on the performance of Arab stock markets, Shaker expressed his confidence that the Arab bourses will recover in the coming week.
Meanwhile, Egypt will hold a series of ministerial meetings next week to evaluate the influence of the international financial crisis and discuss means of curbing its impact on the Egyptian economy.
On Tuesday, the Egyptian stock market witnessed unprecedented steep losses, hitting a two-year low amid concerns about the prolonged U.S. credit crisis.
Source: Xinhua
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