Egypt CBE hosts FSB Regional Consultative Group meeting for MENA - Economy
The Central Bank of Egypt (CBE) co-chaired the Financial Stability Board's (FSB) Regional Consultative Group for the Middle East and North Africa (RCG MENA) meeting, held in Sharm El-Sheikh on 29-30 January, the bank said in a release on Wednesday.
The FSB is an international organization that strengthens and monitors the global financial system. In collaboration with financial authorities and international entities, it issues recommendations to promote economic stability worldwide.
The RCG for MENA includes 23 members from countries such as Egypt, Saudi Arabia, UAE, Turkey, Tunisia, Qatar, Oman, Morocco, Lebanon, Kuwait, Jordan, Bahrain, and Algeria.
Hassan Abdalla, governor of the CBE, and Ayman Alsayari, governor of the Saudi Central Bank (SAMA), led the event.
Attendees included high-level officials, such as Khaled Mohamed Balama, governor of the Central Bank of the UAE; Bandar bin Mohammed bin Saoud Al-Thani, governor of the Qatar Central Bank; Khalid Ebrahim Humaidan, governor of the Central Bank of Bahrain; and Wassim Manssouri, acting governor of Banque Du Liban, along with senior representatives from member states.
Governor Abdalla noted that Egypt's hosting of the FSB meeting aligns with presidential directives aimed at enhancing the country's role in international economic forums and promoting integration with Arab and African nations.
He highlighted the RCG's critical role in addressing key issues for achieving financial and monetary stability and enhancing economic collaboration among member states.
The meeting covered significant economic topics, including the FSB's recommendations for implementing a global crypto-assets framework, progress on cross-border payment systems among member states, and the board's initiatives and framework for 2025.
Members discussed the FSB's 2024 progress report on the G20 roadmap for cross-border payments and the challenges to further improving transaction speed and cost.
According to a statement by the FSB, these challenges include frictions that arise from the laws, rules, and regulatory requirements for collecting, storing, and managing data that must accompany a cross-border payment.
Meanwhile, members shared experiences of crypto usage in their jurisdictions and progress in the regulatory frameworks for crypto-assets and stablecoins, including challenges in implementing the FSB's recommendations.
Members also exchanged views on global and regional market developments, including perspectives on the outlook for financial stability and geopolitical risks. They noted that high levels of sovereign debt could become a source of vulnerabilities.
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