In the context of post global financial crisis, the issue of financial stability is being considered as an important priority for Central Banks around the globe. In this context, the Council of Arab Central Banks and Monetary Authorities’ Governors decided in 2014 to establish, the Financial Stability Task Force (FSTF). The Task Force is composed mainly of Directors in charge of financial stability issues at Central Banks in the region and meets at least twice a year
The Financial Stability Task Force (FSTF) aims to contribute to the development of policies and tools related to enhancing financial stability in the Arab countries, exchanging experiences on policies and procedures in the related field, enhancing cooperation between various departments and national bodies concerned with financial stability issues in the Arab countries and with continued engagement and consultation with relevant international institutions. The FSTF aims also to promote knowledge generation through dedicated thematic focus-oriented publications, working papers and studies covering the Arab region, and contributing to awareness raising on issues of financial stability.
The Arab Monetary Fund acts as a Technical Secretariat of the Task Force. In this capacity, the AMF is responsible for the organization of meetings, including invitations, logistical arrangements, preparation and circulation of meetings’ agendas and minutes, along with management of Task force work programs and schedules, in coordination with members countries. Additionally, the AMF contributes also to the preparation of the working papers, research and studies for discussions by the Task Force. In addition, the AMF coordinate and follow-up also on the various items on the Task Force’s work program, leading to prepare the thematic working papers by the task force to be presented to the Council of Arab Central Banks and Monetary Authorities’ Governors at its annual meetings.
Cooperation with regional and international bodies
The Financial Stability Task Force in the Arab countries is working closely with the International Monetary Fund, the Financial Stability Institute, the Financial Stability Board and a number of other regional and international bodies.