Last week, Delhi customs had made significant seizures of gold and large amounts of medicines from passengers
The main reason for optimism about more foreign investment is the fact that most economies in the region are still showing reasonable rates of growth despite some hesitancy in the speed of recovery, said Mayank Malik, Chairman of BAB and chief executive of Citibank Bahrain.
Regional banks can cope with deteriorating economic conditions and mounting asset-quality problems if the overall economic environment improves, Malik said at a panel discussion at the “Banking Outlook Middle East Conference 2009” in Dubai. “Much, of course depends on the price of oil. It has doubled form its low point last year which has made a big difference to economies in the Gulf,”
he said.
According to Malik, one benefit of the slowdown in the world economy has been the reduction inflationary pressures.
He said regional banks also should adopt a more conservative risk stance, “including exposure concentration and risk management practices.”
He argued that there were always a danger that more banks might suffer from the know-on effects of the international financial crisis. “This is particularly true of institutions heavily exposed to real sectors of the economy such as property. However, the second-round effect on banks can take some time to have an impact, particularly on credit losses.”
One area which needs more attention, he said, is the degree to which risk are sometimes concentrated. “Most central banks in the region are aware of the dangers and are taking the steps to redress them. The Central Bank of Bahrain was among the first to urge caution and to encourage banks to diversify their lending,” he said.
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