Commonwealth of Independent States (CIS) FSB Group discusses the risks of high debt levels and crypto assets

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Ref: 34/2021

The Financial Stability Board (FSB) Regional Advisory Group (RCG) for the Commonwealth of Independent States (CIS) held a virtual meeting today.

Members discussed vulnerabilities in the global financial system which are particularly relevant to CIS economies and emerging and developing market economies (EMDEs) in general. Topics covered included:

Longer-term financial risks arising from the COVID-19 pandemic, in particular corporate and household debt overhang and possible policy responses.

Procyclicality of the financial system and policy implications for EMDEs.

Developments in crypto-asset markets, including their impact on financial systems and financial stability in EMDEs.

Risks to financial stability associated with the entry of retail investors into CIS capital markets.

Progress to date and next steps in the G20 roadmap to improve cross-border payments.

Promote the development of financial education and the implementation of strategies to improve financial literacy in CIS countries.

The group also received an update on the FSB’s work program for 2022.

Notes to Editors

The FSB RCG for the CIS is co-chaired by Alexey Moiseev, Deputy Minister of Finance of the Russian Federation, and Nerses Yeritsyan, Deputy Governor of the Central Bank of Armenia. RCG CIS members include the financial authorities of Armenia, Belarus, Kazakhstan, Kyrgyz Republic, Russia and Tajikistan.

The FSB has six regional advisory 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. aimed at promoting financial stability. Typically, each regional advisory group meets twice a year.

The FSB internationally coordinates the work of national financial authorities and international standard-setting bodies and develops and promotes the implementation of effective regulatory, supervisory and other policies of the financial sector in the interest of financial stability . It brings together national authorities responsible for financial stability in 24 countries and jurisdictions, international financial institutions, international sectoral groupings of regulators and supervisors and expert committees of central banks. The FSB also carries out outreach activities with around 70 other jurisdictions through its six regional advisory groups.

The FSB is chaired by Randal K. Quarles, Governor of the US Federal Reserve; its vice-chairman is Klaas Knot, chairman of De Nederlandsche Bank. The FSB secretariat is located in Basel, Switzerland, and hosted by the Bank for International Settlements.

Press release available in: PDF

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