The Saudi Arabian Monetary Agency (SAMA) hosted on Monday, 25th April 2016 the ninth meeting of the Financial Stability Board (FSB) Regional Consultative Group for the Middle East and North Africa (RCG MENA) in Riyadh, Saudi Arabia.
Members of the FSB RCG MENA discussed the FSB's 2016 policy priorities and work plan. The FSB's priorities focus on promoting the full implementation of the agreed regulatory reforms of the financial sector, finalising the design of the remaining post-crisis reforms, building more resilient financial institutions and confronting new risks and threats through making derivatives markets safer.
This was followed by a discussion on financial stability issues and developments in the global economy, particularly the recent projections of economic growth and persistent lower commodities prices and their impact on market volatility. In addition, the members exchanged views on the developments in macroeconomics and financial markets at the regional and international levels and the potential impact of such developments on the region and potential policy responses.
Members exchanged views on the benefits of financial inclusion and consumer protection and their implications for financial stability. Finally, the members discussed the importance of regulatory and legislative environment in member countries and its role in supporting supervisory authorities and market participants in the process of identifying and managing financial risks.
The RCG MENA is co-chaired by Dr. Fahad Almubarak, Governor of the Saudi Arabian Monetary Agency and Mubarak Rashed Al Mansoori, Governor of the Central Bank of the United Arab Emirates. The current membership of the RCG MENA includes financial and regulatory authorities from Algeria, Bahrain, Egypt, Jordan, Kuwait, Lebanon, Morocco, Oman, Qatar, Saudi Arabia, Tunisia, Turkey and the United Arab Emirates.
