Egypt’s central bank governor co-chairs FSB RCG-MENA meeting in Istanbul

Central Bank of Egypt (CBE) Governor Hassan Abdalla chaired the latest meeting of the Financial Stability Board (FSB) Regional Consultative Group for the Middle East and North Africa (RCG-MENA), held in Istanbul, Türkiye. The meeting witnessed a participation from central bank governors and senior officials from 12 countries.

It was co-chaired by Abdalla and Fatih Karahan, Governor of the Central Bank of the Republic of Türkiye (CBRT), marking the first session of the new term running through June 2027. In his opening remarks, Abdalla thanked Türkiye for hosting the session and praised the FSB Secretariat for facilitating knowledge exchange and regional cooperation.

Abdalla highlighted Egypt’s commitment to active engagement in international financial forums and its focus on integrating with Arab and African economies. He emphasised the role of the RCG-MENA in strengthening financial stability, supporting economic cooperation, and addressing emerging challenges in global markets, including interest rate adjustments, digital transformation, non-bank financial institutions, and the impact of artificial intelligence on financial systems.

The meeting addressed priorities set by the FSB and G20, risk assessments at regional and global levels, debt sustainability, and developments in non-bank financial institutions. Presentations included an analysis of linkages between banks and non-bank financial institutions, as well as the effect of public and private sector debt on Egypt’s banking sector.

The CBE previously hosted the RCG-MENA meeting in Sharm El-Sheikh on 29-30 January, 2025. The FSB, an international body coordinating global financial stability efforts, comprises six regional consultative groups, including MENA, with 23 member states across the region.

Attribution: Amwal Al Ghad English