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29 pct of Arabs have access to formal financial services: official

Xinhua, October 21, 2016 Adjust font size:

Abdulrahman Al Hamidy, Director General of the Arab Monetary Fund (AMF), said on Thursday that only 29 percent of adult Arabs and 24 percent of Arab women have access to formal financial services.

He made the remarks at the opening session of the 8th Meeting of the Financial Inclusion Task Force in the Arab Countries dubbed "Financial Education in the Arab World: Strategies, Implementation and Impact."

Hamidy pointed out that only 30 percent of adults in the Arab states are financially literate, compared to 34 percent world average.

He added that the gender gap in terms of financial literacy stood at 8 percent in most Arab countries compared to 5 percent worldwide.

Organized by the AMF and Morocco's central bank, the conference brings together high-level government representatives of finance, education and central banks, as well as researchers and private sector practitioners.

The two-day conference includes plenary and breakout sessions to share best practices on developing financially capable communities in the Arab region. Endit