SESRIC participated in the 20^th Meeting of the COMCEC Financial Cooperation Working Group that was held with the theme of “Improving Cooperation among Central Banks in terms of Digital Currencies: Challenges and Prospects for OIC Member Countries” on 9-10 October 2023 in Ankara, Republic of Türkiye.

The meeting brought together focal points from 14 OIC Member Countries that are members of the COMCEC Financial Cooperation Working Group as well as OIC Institutions namely Statistical, Economic and Social Research and Training Centre for Islamic Countries (SESRIC), the Standards and Metrology Institute for Islamic Countries (SMIIC) and Islamic Development Bank Institute (IsDBI).

The technical sessions of the meeting included deliberations on the draft of the Report prepared with the theme “Improving Cooperation among Central Banks in Terms of Digital Currencies: Challenges and Prospects for OIC Member Countries”. Furthermore, various presentations were delivered highlighting the lessons learned from selected case studies as well as experiences of some member countries on the potential of CBDCs.

The meeting concluded with policy debate session among the participating delegates focusing on the formulation of policy recommendations for the 39th COMCEC Ministerial Session.

The Working Group (WG) mechanism is one of the main instruments of the COMCEC Strategy towards the realization of its objectives. The Strategy ensures active and direct involvement of the Member Country experts in the COMCEC cooperation areas, through regular WG meetings in each cooperation area.

The WGs aim at producing and disseminating knowledge, and sharing experience and good practices. They also provide a suitable platform for creating a common understanding and approximating policies among the Member Countries to overcome their common development problems.