Abu Dhabi, October 05: The United Arab Emirates (UAE) has called for setting up a regional financial market for the Middle East and East Asia following the failure of efforts to globalise financial services, WAM news agency reported Sunday.
The recommendation was made by Sultan bin Nasser Al Suweidi, governor of the UAE Central Bank, while addressing the meeting of governors of central banks and monetary agencies of member states of the Organization of the Islamic Conference (OIC) which took place at the sidelines of the annual International Monetary Fund-World Bank meeting being hosted by Turkey.
“The proposed stock market will act as an alternative when global financial markets stop trading at time of crisis,” the UAE official said.
–IANS–