The Arab Monetary Fund (AMF) has appointed former Saudi central banker Abdulrahman bin Abdullah Al Hamidy as director general and chairman of the board, replacing its chief of two decades, the fund said on Wednesday.

Al Hamidy replaces Bahraini national Jassim Al Mannai, effective March 5, the Abu Dhabi-based AMF said. Al Mannai had held the top post since 1994.

Al Hamidy was vice-governor of the Saudi Arabian Monetary Agency (Sama) - the Kingdom's central bank - from 2009-13 and worked as its deputy governor of technical affairs between 2004 and 2009.

He acted as executive director at the AMF from 2003-13.

As AMF chief, Al Hamidy will also hold the post of chief executive and chairman of the Arab Trade Financing Programme, a subsidiary of the AMF.

The AMF, founded in 1976 under the Arab League, is a regional financial entity tasked with promoting monetary and economic integration and fostering economic development in the Arab countries.

The fund, which extended $686 million in loans last year, finances balance of payments deficits and facilitates the removal of restrictions on payments as well as the general development of financial markets in its 22 member countries. - Reuters