The work of the 48th session of the Council of Governors of Central Banks and Arab Monetary Authorities was held on Tuesday in Cairo, with the participation of several Arab countries, including Morocco.
The Kingdom was represented at this session by a delegation led by the Wali of Bank Al-Maghrib (BAM), Abdellatif Jouahri. This session took place with the participation of the Secretary General of the Arab League, Ahmed Aboul Gheit, the Chairman of the Board of Directors and Director General of the Arab Monetary Fund, Abdulrahman Al Hamidy, in addition to governors of Arab central banks and heads of Arab and international financial institutions.
The meetings addressed numerous priority economic topics including the management of monetary policy in an environment marked by uncertainty and recurring tensions, in addition to the repercussions of private sector debt on the financial stability of Arab countries.
It was also a question of addressing the role of central banks in combating the challenges of climate change and of discussing the standards to be adopted to regulate the use of artificial intelligence (AI) applications in the financial sector.
The meetings of the Council examined the results of the work of the technical committees and specialized working groups and approved the final version of the annual report on financial stability in the Arab countries for the year 2024 and the unified Arab economic report 2024, in addition to the adoption of the final version of the proposed themes to be included in the unified Arab speech to be delivered during this year’s IMF meetings.
Furthermore, the working documents prepared by the General Secretariat of the Council were examined on issues that impact the performance of Arab banks and central banks, in particular the mechanisms for managing monetary policy in a environment characterized by uncertainty and frequent tensions.
On the sidelines of the meeting, a high-level workshop was held under the theme “Consolidating the strength and stability of the financial system in the era of digitalization” to discuss the implications of monetary policy and financial stability in a fluctuating financial context, as well as ways to improve the use of artificial intelligence in the financial sector and to curb the challenges linked to cyber risks.
LR/MAP
