The Financial Stability Board (FSB) Regional Consultative Group for the Middle East and North Africa (RCG MENA) met today, Tuesday, February 6, 2024, at the headquarters of the Saudi Central Bank (SAMA) in Riyadh.

The meeting was co-chaired by H.E. Ayman Al-Sayari, Governor of SAMA, and H.E. Hassan Abdulla, Governor of the Central Bank of Egypt, and was attended by Mr. Klaas Knot, Chair of the Financial Stability Board.

The group members discussed the challenges related to the global and regional financial stability vulnerabilities, including the implementation of the global regulatory framework for crypto-asset activities, the lessons learned from the turmoil that affected the global banking sector in 2023 and the financial risks arising from the high-interest rate environment and non-bank financial intermediation (NBFI).

In his remarks, SAMA Governor pointed out that the MENA region's advantages, embedded in economic diversification, rapid technological progress, and the strategic location, remain significant source for the region's development, highlighting the affirmation of the IMF in its Regional Economic Outlook that the Middle East and Central Asia region is resilient to an adverse macrofinancial risks scenarios.

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Al-Sayari stressed the importance of using different approaches of financial stability policies that take into consideration the region's economic and financial circumstances and the interconnectedness between its economies.

During the meeting, members received an update on the FSB's work program for 2024 and discussed the FSB's report on the initial lessons learned from the banking disturbances in 2023.

The FSB's Regional Consultative Group for the Middle East and North Africa includes financial and regulatory authorities from the Kingdom of Saudi Arabia, Kuwait, United Arab Emirates, Bahrain, Oman, Qatar, Egypt, Algeria, Jordan, Lebanon, Morocco, Tunisia, and Turkey.​​​