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 in Sharm El-Sheikh on January 29-30, 2025. The event was jointly chaired by CBE Governor Hassan Abdalla and Saudi Central Bank (SAMA) Governor Ayman Mohammed Alsayari.
The meeting was attended by several key figures in the region’s financial sector, including Khaled Mohamed Balama, Governor of the Central Bank of the United Arab Emirates (CBUAE); Bandar bin Mohammed bin Saoud Al-Thani, Governor of Qatar Central Bank; Khalid Ebrahim Humaidan, Governor of the Central Bank of Bahrain (CBB); and Wassim Manssouri, Acting Governor of Banque Du Liban, alongside senior officials from other RCG member states.
Governor Hassan Abdalla highlighted that Egypt’s hosting of the FSB meeting reflects the country’s commitment to enhancing its participation in international economic forums and fostering integration with Arab and African nations. He praised the vital role of the RCG’s Financial Stability Board, emphasizing the importance of the topics discussed in achieving financial stability and promoting economic collaboration among member states.
The meeting focused on critical economic issues for the region, including the FSB’s recommendations for the global framework of crypto-assets, progress on cross-border payment systems among member states, and the Board’s work program for 2025.
The FSB is an international body that monitors and issues recommendations regarding the global financial system, promoting financial stability at an international level in collaboration with financial authorities and global entities. It is composed of six regional consultative groups, including RCG MENA, which comprises 23 members from Egypt, Saudi Arabia, UAE, Turkey, Tunisia, Qatar, Oman, Morocco, Lebanon, Kuwait, Jordan, Bahrain, and Algeria.
