The Financial Stability Board (FSB) Regional Consultative Group for the Middle East and North Africa (RCG MENA) discussed current global and regional financial stability issues.

Members talked about recent macroeconomic, financial and banking sector developments in the US and Europe and potential spillovers to the region.

Recent developments highlighted the importance of cross-border cooperation. Members discussed actions their authorities are taking to enhance financial crisis preparedness and risk management frameworks in their jurisdictions.

Members received an update on the FSB’s work programme for 2023, including deliverables to India’s G20 Presidency. A key priority for the FSB is the development of an effective global regulatory framework for crypto-assets. Members looked forward to the finalisation in July of the FSB’s recommendations for the regulation, supervision and oversight of crypto-asset markets and activities and exchanged views on implementation in their jurisdictions. The group also discussed other areas of the FSB’s work where RCG MENA members could contribute their expertise.

Re-disseminated by The Asian Banker