FSB Sub-Saharan Africa group discusses recent market turmoil, spill-over effects and crisis preparedness in the region1 June 2023
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The Financial Stability Board (FSB) Regional Consultative Group for Sub-Saharan Africa met in Kasane, Botswana over the last two days at a meeting hosted by the Bank of Botswana.
Members discussed recent global and regional macroeconomic and financial market developments and their implications for financial stability. The group also discussed the recent turmoil in the banking sector in advanced economies and current or potential spillovers to the region, which have highlighted the importance of crisis preparedness and resolution planning for financial institutions. Members exchanged views on contingency and recovery planning in their jurisdictions and ways to promote cross-border cooperation and information sharing.
Members received an update on the FSB’s work priorities for 2023, including its deliverables to India’s G20 Presidency. Amongst them is the finalisation of the FSB’s recommendations for the regulation, supervision and oversight of crypto-asset markets and activities. The group exchanged views on vulnerabilities arising from crypto-assets, including the potential for digital dollarisation, and agreed on the importance of an effective global regulatory framework for crypto-assets.
Enhancing cross-border payments in the region remains important, and the group welcomed the FSB’s steps to drive progress in meeting the G20 targets through its priority action plan. Members stressed the importance of ensuring the transparency and safety of cross-border payments. The group discussed steps taken or planned to improve compliance with guidance from the Financial Action Task Force on anti-money laundering/combating the financing of terrorism, proliferation financing and know-your-customer requirements to promote safe payment corridors in their jurisdictions.
The meeting concluded with a short discussion on topics that may warrant consideration for inclusion at the group’s next meeting. The next meeting is planned to take place towards the end of 2023.
Notes to editors
The FSB RCG for Sub-Saharan Africa meeting is co-chaired by Lesetja Kganyago, Governor, South African Reserve Bank, and Ernest Addison, Governor, Bank of Ghana. Membership includes financial authorities from Angola, Botswana, Ghana, Kenya, Mauritius, Namibia, Nigeria, South Africa, Tanzania, Uganda and Zambia as well as the Central Bank of West African States (BCEAO) and the Bank of Central African States (BEAC). Permanent observers include the Committee of Central Bank Governors of the Southern African Development Community, and the East African Community. For this meeting, the Reserve Bank of Malawi and Central Bank of Eswatini were invited as guests.
The FSB has six Regional Consultative Groups, established under the FSB Charter, to bring together financial authorities from FSB member and non-member countries to exchange views on vulnerabilities affecting financial systems and on initiatives to promote financial stability.1 Typically, each Regional Consultative Group meets twice each year.
The FSB coordinates at the international level the work of national financial authorities and international standard-setting bodies and develops and promotes the implementation of effective regulatory, supervisory, and other financial sector policies in the interest of financial stability. 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. The FSB also conducts outreach with approximately 70 other jurisdictions through its six Regional Consultative Groups.
The FSB is chaired by Klaas Knot, President of De Nederlandsche Bank. The FSB Secretariat is located in Basel, Switzerland and hosted by the Bank for International Settlements.
- The FSB Regional Consultative Groups cover the following regions: Americas, Asia, Commonwealth of Independent States, Europe, Middle East and North Africa, and sub-Saharan Africa. [←]