The Financial Stability Board (FSB) Regional Consultative Group (RCG) for the Middle East and North Africa (MENA) met today in virtual format.
Discussions centred around current global and regional macroeconomic and financial market developments. Recent developments in commodity markets were of particular relevance to the group. Members discussed the impact of recent volatility in these markets , the implications for financial stability and the actions being taken by policymakers in the region.
Members received an update on the FSB’s work programme for 2022, including deliverables to the Indonesian G20 Presidency. They discussed areas that would be of interest to RCG MENA members and how they could contribute their expertise to that work.
The group discussed crypto-assets and their risks to financial stability. Members received an update on the FSB’s work to examine supervisory and regulatory issues raised both by ‘stablecoins’ and by ‘unbacked’ crypto-assets and exchanged views on recent developments and the challenges for regulators and policymakers.