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Today, the Central Bank of the Republic of Turkey (CBRT) hosted the fourth meeting of the FSB Regional Consultative Group for the Middle East and North Africa (RCG-MENA) in Istanbul under the co-chairmanship of Erdem Başçı, Governor, CBRT and Riad Salame, Governor, Central Bank of Lebanon.
Members discussed the FSB’s ongoing policy development work on financial regulatory reforms, vulnerabilities and regional financial stability issues, including the potential implications for the region of the evolving global economic and financial-market developments. They also discussed the elements of the D-SIB framework as well as the G-SIFI framework aimed at ending the problem of too-big-to-fail and shared implementation challenges in home and host countries in adopting them. The current practices in the oversight of the over-the-counter derivatives markets in the region and challenges in improving them as well as the national approaches to banking-sector compensation, in the context of the FSB compensation principles and standards, were also discussed. Members also shared the institutional reforms needed and implemented as well as their experiences in strengthening and promoting such reforms in the insurance markets in the MENA region.
The current membership of the RCG-MENA includes financial and regulatory authorities from Algeria, Bahrain, Egypt, Jordan, Kuwait, Lebanon, Morocco, Oman, Qatar, Saudi Arabia, Tunisia, Turkey and the United Arab Emirates. See the list of members of the RCG-MENA.