Egypt’s c. bank hosts FSB’s RCG MENA meeting

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 on Wednesday.

Governor of the CBE, Hassan Abdalla, said that Egypt’s hosting the FSB meeting for the MENA comes in line with the president’s directives for enhancing the country’s involvement in global economic foras and strengthening ties with Arab and African nations.

He praised the RCG’s Financial Stability Board for addressing key issues essential for financial and monetary stability and promoting economic collaboration among member states.

The meeting covered key economic issues for RCG, FSB recommendations on global crypto-assets framework, progress on cross-border payment systems, Board initiatives, and FSB’s 2025 work programme.

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.

Subediting: M. S. Salama