An official at the International Monetary Fund recently revealed that the chances of banks in the Middle East and Central Asia being exposed to the banking turmoil that the United States and Europe witnessed last month are very limited, but financial pressures exacerbate the pressures resulting from high interest rates, volatile oil prices and the continuation of double-digit inflation rates for years. .
The director of the Middle East and Central Asia Department at the International Monetary Fund, Jihad Azour, said: “The pressures in the banking sector came quickly after tighter monetary policies that led to higher interest rates and reduced access to financing.”
Azour added that there is a growing gap between countries that have good credit and are able to access markets, including Morocco and Jordan, oil exporters and others, and countries that face problems.
Okaz (Washington) @okaz_online
