Central Bank of Egypt Hosts the Financial Stability Board Regional Consultative Group
The Central Bank of Egypt (CBE) – Co-chair of the Regional Consultative Group for the Middle East and North Africa (RCG MENA) – hosted the Financial Stability Board’s (FSB) RCG MENA Meeting.
The event was jointly chaired by H.E. Mr. Hassan Abdalla, Governor of the CBE, and H.E. Mr. Ayman Mohammed Alsayari – Governor of Saudi Central Bank (SAMA), and was held in Sharm El-Sheikh on January 29 – 30, 2025.
The event was attended by H.E. Mr. Khaled Mohamed Balama – Governor of the Central Bank of the United Arab Emirates (CBUAE) -, H.E. Mr. Bandar bin Mohammed bin Saoud Al-Thani – Qatar Central Bank Governor -, and H.E. Mr. Khalid Ebrahim Humaidan – Governor of Central Bank of Bahrain (CBB) -, as well as H.E. Mr. Wassim Manssouri – Acting Governor of Banque Du Liban -, along with senior officials from the member states of RCG.
In this regard, H.E. Mr. Hassan Abdalla, Governor of The Central Bank of Egypt (CBE), stated that Egypt’s hosting of the FSB meeting for the Middle East and North Africa aligns with the presidential directives to promote Egypt’s participation in international economic forums, as well as fostering integration with Arab and African countries. He also commended the vital role of the RCG’s Financial Stability Board, highlighting the key issues and topics addressed by them, which are essential for achieving financial and monetary stability, and enhancing economic collaboration among member states.
The meeting held discussions over a range of very important economic issues for RCG, the FSB’s recommendations for implementing the global framework of crypto-assets, and the progress of cross-border payment systems for member states, along with the Board’s initiatives in this regard, as well as the FSB’s work programme for 2025.
Worth mentioning, FSB is an international body that strengthens, monitors and issues recommendations regarding the global financial system to promote financial stability at the international level, in collaboration with financial authorities and international entities. The FSB encompasses 6 regional consultative groups, including RCG for MENA, which consists of 23 members from Egypt, Saudi Arabia, United Arab Emirates, Turkey, Tunisia, Qatar, Oman, Morocco, Lebanon, Kuwait, Jordan, Bahrain, and Algeria.
