The Financial Stability Board (FSB) Regional Consultative Group (RCG) for the Middle East and North Africa (MENA) held on Thursday, 2nd of April 2020 its 17th RCG MENA meeting via a conference call to discuss recent macroeconomic and financial market developments, including the financial stability implications from COVID-19.
The RCG MENA is co-chaired by Dr. Ahmad AlKholifey, Governor of the Saudi Arabian Monetary Authority and Mr. Rasheed Mohammed Al-Maraj, Governor of the Central Bank of Bahrain.
Members discussed the current strains on the global financial system and financial sector tensions in some member jurisdictions and the measures taken by national authorities to mitigate the economic and financial stability effects of COVID-19. RCG MENA members agreed that, as a result of the post-crisis reforms, the global financial system is now in a better position to withstand shocks, maintain market functioning and sustain the supply of financing to support the real economy. They noted the importance of FSB and non-FSB members continuing to coordinate action, including financial policy responses in their jurisdictions, to maintain global financial stability, keep markets open and functioning, and preserve the financial system’s capacity to finance growth.
At the end of the meeting, the group received an update on the FSB work programme and its deliverables for the Saudi Arabian G20 Presidency, including areas where RCG MENA members could provide input into the FSB’s work.
In 2011, six regional consultative groups of the FSB were established responding to the call of the G20 Leaders at the Toronto Summit (June 2010), to bring together financial authorities from FSB member and non-member countries to exchange views on vulnerabilities affecting financial systems and on initiatives to promote financial stability.
The FSB's priorities are to promote the full implementation of agreed financial sector regulatory reforms, develop and implement regulatory and supervisory policies that serve financial stability, strengthen financial systems and finalize post-crisis reforms.
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.