Arab monetary fund approved
(N.Z PA -Reuter—Copyright) BAGDAD, Feb. 25. The governors of the Arab Central Banks have approved the establishment of an Arab 'monetary fund, and have called for a “truly international” monetary system. I A statement on a two-dav conference of tne governors, and on a separate meeting of Arab Economic Unity Council banks, says that the new isystem should take into consideration world changes since the present monetary order was introduced in 1944. The proposed Arab monetary fund will have a capital of 750 million special drawing units, the value of which is not mentioned. The governors say: "A reform of the international monetary system and related decisions should be made in consultation with all the States concerned, and within the context of the United Nations. There should be a • reconsideration of the quotas |of member-States of the International Monetary Fund ; and a redistribution of votes, so as to enable developing 'nations to defend their interlests.” ■
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Press, Volume CXV, Issue 33778, 26 February 1975, Page 17
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159Arab monetary fund approved Press, Volume CXV, Issue 33778, 26 February 1975, Page 17
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