Banking and Financial Systems in the Arab World by Philip Molyneux; Munawar Iqbal

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By Philip Molyneux; Munawar Iqbal

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According to the report by the Ministry of Planning & CAPMAS (Central Agency for Public Mobilization and Statistics) of Egypt (1999), the reforms helped reduce inflation from about 20 per cent during 1986-92 to less than 10 per cent in 1993-4 and to about 4 per cent by 1997-9. 8 per cent in 1993 and to less than 8 per cent by 1998-9. Saudi Arabia Saudi Arabia's history dates back to its establishment in 1932 and it is known as a country that takes care of Muslim pilgrims who visit the two holy cities of Mecca and Medina.

Over the last decade, Jordan has suffered from permanent trade deficits. However, the annual growth in exports, at about 8 per cent, has exceeded the 5 per cent growth in imports. This has resulted in a fall in Jordan's trade deficits over the last decade. The trade deficit as a per cent of GDP decreased from around 38 per cent in 1990 to around 25 per cent in 1999. It should be noted that Jordan's exports were dominated by traditional goods (raw materials such as potash and phosphates). Other important exports are pharmaceuticals, detergents and fertilizers.

Finally, lack of adequate institutional and legal frameworks for investment in many Arabian countries has resulted in lack of transparency in the regulatory environment. However, since the mid-1990s, many Arabian countries have become members of the World Trade Organization (WTO) which has enhanced transparency and increased credibility of these countries in terms of their trading performance. Economic reforms and the globalization process During the 1980s and early 1990s, many Arabian governments faced unfavourable economic conditions, represented by rising rates of unemployment and increasing social demands associated with sluggish economic growth.

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