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FSB Sub-Saharan Africa Group discusses climate-related risks, cross-border payments and crypto-assets

22 June 2022

The Financial Stability Board (“FSB”) Regional Consultative Group (“RCG”) for Sub-Saharan Africa held their first in-person meeting since the onset of the COVID-19 pandemic, hosted by the Bank of Ghana in Accra.

The meeting covered:

  • FSB’s 2022 work priorities;
  • Financial market developments following the Russia-Ukraine conflict, including elevated and volatile commodity prices.;
  • Continuing economic recovery from COVID-19 and higher inflation;
  • Key challenges of high costs, low speed, limited access and insufficient transparency of cross-border payments;
  • Discussion of 3 key priority items of specific relevance to Sub-Saharan Africa members:
    • Climate-related financial risks;
    • Cross-border payments; and
    • Crypto-assets.

Members received an update on progress relating to climate-change under the roadmap, including

  • Strengthening supervision and regulation;
  • Enhancing disclosures; and
  • Addressing data gaps.

Members further discussed the financial stability, regulatory and supervisory implications of crypto-assets, including issues raised both by ‘stablecoins’ and by ‘unbacked’ crypto-assets, and shared views on the challenges they pose for regulators and policymakers.

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