The Financial Stability Board (FSB) Regional Consultative Group for the Middle East and North Africa (RCG MENA) met today in virtual format. The group discussed global and regional macroeconomic and financial stability developments. The group discussed the implications of a higher interest-rate environment and vulnerabilities in non-bank financial intermediation (NBFI). Many members viewed the data in the report to be consistent with their own observations, and they discussed regional initiatives to strengthen payments arrangements. It brings together national authorities responsible for financial stability in 24 countries and jurisdictions, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts.
