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Sunday, Oct 02, 2022

Saudi Arabia to host 46th ordinary session of council of Arab central banks

Saudi Arabia to host 46th ordinary session of council of Arab central banks

Under the patronage of Custodian of the Two Holy Mosques King Salman, Saudi Arabia, represented by the Saudi Central Bank (SAMA), is scheduled to host the 46th Ordinary Session of the Council of Arab Central Banks and Monetary Authorities Governors and the Roundtable on “Central Bank Digital Currencies and the Future of the Monetary System” on Sept. 18 -19, 2022, in Jeddah.
The meeting will witness a wide participation by senior officials from the International Monetary Fund and Financial Stability Board, as well as experts from international institutions and global central banks.

Saudi Central Bank Governor Dr. Fahad Al-Mubarak stressed the importance of this meeting in light of what the region and the entire world are witnessing of quick developments in all fields, mainly in the economic and financial sectors.

He also expressed appreciation for efforts made by the Secretariat of the Council of Arab Central Banks and Monetary Authorities affiliated with the Arab Monetary Fund, to follow up on subjects, developments and preparations for the council meeting, and to follow up on the works of affiliated committees and work teams.

Meanwhile, governors of the central banks and monetary authorities will go over a slew of subjects, mainly the global inflation wave and its repercussions on monetary policies in the Arab world, risks of climate change on the financial sector and banking services sector, challenges for shifting towards green finance, in addition to requirements and challenges of rebuilding capital and liquidity margins at the banking sector after lifting support.

The agenda of the session also includes acquainting governors with reports about the works of committees and work teams of the council.

This is in addition to going over the 5th issue of the financial stability report in Arab countries for 2022, the 2022 unified Arab economic report, and a briefing about the 2022 unified Arab speech that the Arab group will deliver at the annual meetings of the International Monetary Fund and World Bank Group in October, 2022, which reflects the visions of Arab states towards current economic developments.
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