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10 main axes focused on the central bank governors in the 43rd session Side of the conference 15 September 2019 08:51 PM CAIRO - Egyptian Prime Minister Mostafa Madbouly on Sunday inaugurated the 43rd session of the Board of Governors of Central Banks and Arab Monetary Institutions. The Central Bank of Egypt said in a statement on Sunday that the 43rd session of the Board of Governors of Central Banks discussed 10 main axes as follows: 1- Regional and international monetary, economic and financial developments, their repercussions on the Arab economies, and the challenges facing the world economy, including high levels of indebtedness and developments in world trade. 2. Governance of Central Banks Rapid developments and expansion of responsibilities of central banks. 3. Strengthen the capacity of central banks to support financial stability and develop risk management in line with developments in the financial and banking sector. In this context, the Board welcomed the recommendations of the recent IMF study on the governance of central banks. 4 - The accelerated developments in the financial and banking industry in terms of the growing issuance of cryptocurrencies to central banks, and focused on the members of the Council on the opportunities offered by cryptocurrencies in the promotion of financial inclusion, the fight against corruption and money laundering, and the development of electronic payment tools and improve liquidity management. The CBE pointed out that the Council noted the need to address the risks that may arise, in addition to studying the possible effects on monetary policy, and the importance of appropriate preparation. 5. Building the capacity of central banks wishing to issue cryptocurrencies, and developing standards regarding digital identity and the principles of knowing your customer. The Council also stressed the importance of developing appropriate legislation and enhancing international coordination in this regard. 6. The work and recommendations of its committees and task forces, namely, the Arab Banking Supervisory Committee, the Regional Working Group for Promoting Financial Inclusion in the Arab States, the Financial Stability Task Force, the Arab Commission for Payment and Settlement Systems, and the Arab Credit Information Committee. In this context, the Board discussed a number of papers and topics worked on by committees and teams, the most important of which were “Banking Supervision on Institutions of Local Systemic Importance: Arab Experiences”, “Responsible Finance: Policies, Tools and Experiences”; Arab Countries and their Impact on Financial Stability "," Experiences of Instant Payments in Arab Countries ", and" General Principles of Credit Rating for SMEs: Arab Experiences ". The Council stressed the importance of the proposals and recommendations contained in these papers, calling for their implementation in accordance with the situation of each country. He also briefed the CBE on the experience of the CBE in developing national payment systems and benefiting from modern technologies. The Council welcomed the establishment of the Group of Modern Financial Technologies, due to its importance as a platform that brings together the most important parties and parties concerned with the development of the environment for financial technologies. In this context, the Council stressed the importance of studying the proposal to establish a regulatory laboratory to encourage financial innovations, as a proposed new framework for cooperation and regional experiences among the supervisory authorities in the Arab region to encourage the establishment of financial technology companies and to promote capacity building in this area. The Council also called on Arab central banks to work to maximize the use of modern financial technologies. The Council also welcomed the regional initiative to promote financial inclusion in the Arab region launched by the Arab Monetary Fund in cooperation with the World Bank, the Global Alliance for Financial Inclusion and the German Development Agency. The Council looked forward to the activities and activities of this initiative, stressing the importance of benefiting from technical solutions to enhance financial inclusion. In this context, the Council noted the model of statistical surveys of the demand for financial services prepared under this initiative. The Board discussed the follow-up of the implementation of the Arab Clearing System. The Council called for providing support and support to the efforts of the Arab Monetary Fund in completing the establishment of the institution and its services and activities, and enhancing opportunities for the participation of Arab banks and financial institutions and banking in the use of the system that will be managed by this institution, as the Council stressed, the application of the highest international standards and principles. The members of the Board reviewed the Financial Stability Report for 2019 and expressed their appreciation for the follow-up of the Arab Monetary Fund to prepare and issue the report, including the topics and analysis. The Council stressed the importance of the report continuously reflecting priority developments and issues for Arab countries. The Board reviewed the draft of the unified Arab speech to be delivered on behalf of the Arab Group during the annual meetings of the IMF and the World Bank. Council members reiterated the importance of providing more financial support to Arab countries. They also reiterated their call for strengthening partnerships between international financial institutions and Arab funds and financial institutions.