The Governor of the Central Bank of Egypt, Hassan Abdalla, led Egypt's delegation at the 48th annual meetings of the Association of African Central Banks (AACB). The meetings, hosted by the Central Bank of Kenya, took place from 13 to 18 September in Nairobi. Thirty-four central banks out of the Association's 41 member central banks, representing 53 African countries, participated in the meetings.
During the meetings, Governor Abdalla participated in several high-level meetings, including the annual Governors' Symposium. The symposium's theme was "Monetary Integration and Fiscal Sovereignty in Africa: Strategic Insights into Reducing the Continent's Dependence on International Institutions". The symposium concluded in the presence of the President of Kenya.
The annual meeting of the Board of Governors reviewed the Association's activities during the current year and its work programme for the coming year. A number of decisions were taken during the meeting. The Board meeting was preceded by meetings of the Technical Committee of Experts and the Bureau from 13 to 16 September.
The Board of Governors approved the composition of the Association's Bureau of Governors for the coming year. The Central Bank of Egypt will join the Bureau as Deputy Chair of the North Africa region. This development paves the way for Egypt to assume the region's chairmanship in 2028.
The Board also approved the publication of the second edition of the African Financial Stability Report. The report is one of the key outputs of the African Financial Stability Committee, established following a proposal by Governor Abdalla to the Association of African Central Banks in 2024. The committee aims to support financial stability across the continent and enhance coordination among African central banks.
On banking supervision, the meetings reviewed the activities of the working group on the implementation of Basel standards, chaired by the Central Bank of Egypt. The group's activities aim to support cooperation and the exchange of expertise among African central banks. The working group also prepares regular newsletters covering key topics issued by the Basel Committee.
Governor Abdalla also participated in an introductory session of the Board of Directors of the African Monetary Institute (AMI). The Board includes Egypt, Tunisia, and Morocco representing the North Africa region, alongside 12 central banks representing the Association's five regions. The session marked an important institutional step towards activating the Institute and beginning to undertake its mandate of supporting African monetary and financial cooperation and integration.
Key points
- The Central Bank of Egypt will join the Association's Bureau of Governors as Deputy Chair of the North Africa region.
- The African Financial Stability Report aims to support financial stability across the continent and enhance coordination among African central banks.
- The meetings reviewed the activities of the working group on the implementation of Basel standards, chaired by the Central Bank of Egypt.
