SESRIC and Central Bank of United Arab Emirates (UAE) organised the First Interim Meeting of the Working Group on Macro-Prudential Regulations. The Meeting was held on 23 December 2012 in Abu Dhabi, UAE, under the hospitality of Central Bank of UAE. A total of 10 representatives from 7 central banks and monetary authorities of Organisation of Islamic Cooperation (OIC) member countries, and SESRIC, attended the Meeting. SESRIC was represented in the Meeting by Mr. Nadi Serhan Aydin, Centre’s Researcher.
The First Interim Meeting aimed to draw a roadmap for the Working Group in the preparation of the Technical Background Report on Macro-Prudential Regulations, as requested by the 2012 Meeting of the Central Banks and Monetary Authorities of OIC Member Countries which was held on 14-15 May 2012 in Istanbul, Turkey. The Interim Meeting featured presentations by the representatives of the Working Group member central banks and monetary authorities on the existing initiatives in the area of Macro-Prudential Regulations.
The 2012 Meeting of the Central Banks and Monetary Authorities of OIC Member Countries resolved to establish three working groups, namely the Working Groups on Liquidity Management in Islamic Finance, Macro-Prudential Regulations, and Payment Systems, to prepare Technical Background Reports for the 2013 annual meeting to be held in Riyadh, Saudi Arabia, under the hospitality of the Saudi Arabian Monetary Agency (SAMA).
The Working Group on Macro-Prudential Regulations is comprised of the central banks and monetary authorities from 7 member countries of the OIC, namely Sudan and UAE, as the Co-chairs of the Working Group, in addition to Brunei Darussalam, Oman, Saudi Arabia, Uganda, and Turkey.
Since 2009, SESRIC assumes the role of Coordinator and Secretariat for the Annual Meetings of the Central Banks and Monetary Authorities of OIC Member Countries. The Centre also oversees the activities of the three working groups which were established pursuant to the resolutions of the 2012 Annual Meeting.