Leaders in finance from across the Middle East and North Africa (MENA) gathered at the Saudi Central Bank (SAMA) in Riyadh for a pivotal meeting hosted by the Financial Stability Board’s (FSB) Regional Consultative Group for MENA (RCG MENA). The session, which took place on Tuesday, was led by SAMA Governor Ayman Al-Sayari and his counterpart from the Central Bank of Egypt, Governor Hassan Abdulla, with the presence of FSB Chair Klaas Knot.
The assembly’s agenda centered on several pressing issues influencing both global and regional financial stability. Top of the agenda was the adoption of the global regulatory framework for crypto-asset activities, insights from the previous year’s global banking sector upheavals, and the mounting financial risks due to elevated interest rates and the activities of non-bank financial intermediaries (NBFI).
In his address, Governor Al-Sayari underscored the MENA region’s strengths, such as economic diversification, swift technological advancement, and strategic geographic positioning, as pivotal to the region’s ongoing growth. He cited the International Monetary Fund’s (IMF) regional economic outlook, which reaffirmed the region’s resilience to negative macrofinancial risks.
Al-Sayari emphasized the necessity for a tailored approach to financial stability policies, one that takes into account the unique economic and financial conditions of the region and the intricate linkages between its economies. The meeting also provided the attendees with an update on the FSB’s 2024 agenda and facilitated a discussion on the FSB’s report concerning the initial lessons learned from the 2023 banking sector disturbances.