Saudi Arabia hosts Council of Arab Central Banks and Monetary Authorities meeting

RIYADH: Saudi Arabia is set to host the 46th ordinary session of the Council of Arab Central Banks and Monetary Authorities and the high-level roundtable on “Central Bank Digital Currencies and the Future of the Monetary System” on Sunday and Monday in Jeddah, the Saudi Press Agency reported.

The two-day event, held under the patronage of King Salman, is being organized by the Saudi Central Bank.

The meeting will feature the participation of a number of senior officials from the International Monetary Fund and Financial Stability Board, as well as experts from international institutions and global central banks.

SAMA Governor Dr. Fahad Al-Mubarak highlighted the importance of the meeting in light of the rapid developments in the region and world, including in the economic and financial sectors.

The governors of the central banks and monetary authorities will discuss a number of subjects, particularly global inflation and its repercussions for monetary policies in the Arab world, the risks of climate change for the financial sector and banking services sector, challenges with shifting toward green finance, and the requirements and challenges of rebuilding capital and liquidity margins in the banking sector after lifting support packages.

The agenda of the meeting also includes informing governors about the work of the council’s committees and teams, examining financial stability reports in Arab countries for this year, and a briefing on the 2022 unified Arab speech to be delivered at the annual meetings of the IMF and World Bank Group in October, which reflects the views of Arab states on current economic developments.

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