Tunisian Central Bank Governor Fathi Zouhair Nouri has called for the development of Arab financial and monetary cooperation to establish common mechanisms for protecting regional economies from shocks. This call was made during the 50th annual meeting of the Arab Central Banks and Monetary Institutions' Board of Governors, held in Abu Dhabi on September 29, 2026. Nouri emphasized that nearly five decades of Arab cooperation have provided a crucial foundation for building on, but stressed the need for new tools to address an increasingly complex and interconnected world.
Nouri highlighted the growing complexity of economic shocks, which are no longer isolated but rather cumulative and interconnected, including geopolitical, energy, food, financial, climate, and cyber threats. He noted the varying financial capacities among Arab countries, with some holding significant surpluses, reserves, and assets, while others face pressures on their resources and balances. This disparity, Nouri argued, can be transformed into a collective source of strength by establishing pre-agreed protection mechanisms.
The Tunisian Central Bank Governor proposed five practical and measurable initiatives to enhance Arab financial cooperation. These include conducting a joint Arab stress test to assess economies' resilience to disruptions in trade routes, energy and food price hikes, and difficulties in accessing international financing. Additionally, Nouri suggested establishing an Arab network of swap and repo lines to provide liquidity when needed, in coordination with the Arab Monetary Fund.
Nouri's proposals also included the creation of a joint Arab observatory for early warning systems to monitor risks related to energy, food, shipping, insurance, and capital flows. Furthermore, he advocated for the expanded commercial use of the "Bena" Arab payment system through measurable objectives and the development of a common Arab framework for protecting payment systems and ensuring their continuity.
The Governor emphasized that the success of these proposals requires building safety margins during periods of stability and preparing intervention tools in advance. He stressed that crisis situations do not allow for time to think, but rather test preparedness. Nouri also highlighted the importance of developing the roles of central banks to enhance their ability to protect economic and financial stability in a rapidly changing world.
In his address, Nouri underscored the significance of managing expectations, reinforcing reserve security and usability, and preparing tested crisis management plans. He also emphasized the need for enhanced communication and regional cooperation among central banks. The Governor urged for a proactive approach to anticipating geopolitical, energy, and climate-related risks before they impact prices and markets.
On the sidelines of the meeting, Nouri met with the General Director and Chairman of the Arab Monetary Fund, Fahad Turk, to discuss issues of mutual interest and explore ways to strengthen cooperation with the Fund. The meeting provided an opportunity for exchanging views on regional economic challenges and potential collaborative solutions.
Key points
- Tunisian Central Bank Governor Fathi Zouhair Nouri calls for enhanced Arab financial cooperation to protect regional economies from shocks.
- Nouri proposes five initiatives to strengthen Arab financial cooperation, including joint stress tests and an Arab payment system.
- The Governor emphasizes the need for central banks to develop their roles in protecting economic and financial stability.
