The COMESA Monetary Institute (CMI) has commenced preparatory work towards the production of a Financial Stability Report (FSR) for the COMESA region. The first working group of experts meeting took place in Nairobi, Kenya on 22 – 24 June 2022 with participants from the Central Banks of DR Congo, Egypt, Mauritius, Sudan and Zambia.

The FSR will contain reviews of the developments in the financial sector in the COMESA region to identify key risks, vulnerabilities and challenges facing the financial systems of member countries and provide policy recommendations to mitigate such risks and strengthen stability.

The decision to produce the FSR came from the COMESA Committee of Governors of Central Banks during their 25th meeting in March this year.

The report will also highlight the link between macroeconomic stability and financial stability in the region. This will go a long way in enhancing the implementation of the COMESA Financial System Development and Stability Plan.

During the three days meeting, the experts interrogated the 2021 data on FSR which was submitted by member Central Banks. They deliberated and agreed on the structure and content of the FSR and distributed the assignments among themselves. They also agreed on the timelines within which the 2021 FSR for the COMESA region will be prepared.