Tunisian Central Bank Governor Fathi Zouhair Nouri has called for the establishment of an African monetary union to strengthen the collective ability of African economies to withstand economic shocks. Speaking at the 48th annual meetings of the Association of African Central Banks, Nouri emphasized that this union would be a crucial step towards achieving a sustainable monetary union in Africa. The meetings took place in Nairobi, Kenya, from September 16 to 18, 2026.
The 48th annual meetings of the Association of African Central Banks were hosted by the Central Bank of Kenya, which celebrated its 60th anniversary. The event brought together central bank governors, deputy governors, government officials, and representatives from regional and international monetary organizations. As the president of the North African sub-region within the Association of African Central Banks for 2025-2026, Nouri participated in the ordinary meeting of the Association's office and the 48th ordinary meeting of the Board of Governors.
During the meetings, participants discussed the Association's regular activities and prospects for enhancing monetary and financial cooperation, as well as economic integration in Africa. The discussions focused on implementing the African Monetary Cooperation Program, progress towards establishing the African Monetary Institute, and the work of various working groups. The meetings also explored ways to develop cooperation between African central banks and their partners.
The 48th annual meetings marked a significant milestone in the process of establishing the African Monetary Institute. Nouri was elected as a member of the Institute's Board of Directors after the Board of Governors of the Association of African Central Banks approved its composition. In this capacity, Nouri participated in the inaugural meeting of the Institute's Board of Directors, which took place after the conclusion of the 48th ordinary meeting of the Board of Governors.
According to the Central Bank of Tunisia, Nouri's proposal for an African monetary union aims to consolidate the collective resilience of African economies and promote monetary and financial stability. This initiative is seen as a necessary step towards achieving a higher level of economic integration in Africa. The Association of African Central Banks brings together central banks from across the continent to promote cooperation and coordination in monetary and financial matters.
The Central Bank of Tunisia has reported that Tunisia's olive oil sales have reached over 82 countries, with a significant proportion of sales going to European markets. A recent study found that 41% of women and young people in Tunisia have a formal account with a financial institution. These developments highlight the importance of promoting financial inclusion and economic cooperation in Africa.
The meetings of the Association of African Central Banks also provided a platform for discussing the implementation of the African Monetary Institute, which is expected to play a key role in promoting monetary cooperation and stability in Africa. With Nouri's election to the Institute's Board of Directors, Tunisia is set to play a significant role in shaping the future of African monetary cooperation.
Key points
- Tunisian Central Bank Governor Fathi Zouhair Nouri calls for African monetary union to enhance economic resilience
- 48th annual meetings of Association of African Central Banks take place in Nairobi, Kenya
- Nouri elected as member of African Monetary Institute's Board of Directors
