GCC urged to strengthen central banks

GCC and other Arab countries were yesterday urged to strengthen their central banks and grant them the independence they needed to control banking operations.

The call was made in Sharjah at the Special Economic Zones Forum, which ended yesterday.

Dr Ali Lutfi, former Prime Minister of Egypt who has taught economics at a number of universities in his country, said the international financial crisis was not over yet. But he expected the downturn would end within the next few months and the global economy would revive again in 2010.