The Central Bank of Egypt (CBE) hosted the 48th ordinary session of the Council of Arab Central Banks and Monetary Authorities’ Governors in Cairo on Tuesday. The meeting was inaugurated by Prime Minister Mostafa Madbouly, CBE Governor Hassan Abdalla, and other high-ranking officials, including Arab League Secretary-General Ahmed Aboul Gheit, Arab Monetary Fund (AMF) Director General Fahad M. Alturki, and Saudi Central Bank Governor Ayman Alsayari, who chairs the current session.
The meeting was attended by governors of Arab central banks, heads of Arab and international financial institutions, and Arab ambassadors to Egypt.
Madbouly, in his opening remarks, welcomed the participants and highlighted the “unconventional challenges” faced by the region and the need for “innovative approaches” to address them, noting the importance of considering social factors. He emphasized the Egyptian government’s commitment to boosting investment and exports to drive economic growth and create jobs for young people.
Abdalla, in his address, stressed the importance of the Council’s meetings to Egypt’s political leadership, noting that Cairo hosted the first such meeting in 1972. He emphasized the crucial role of central banks in steering economic growth and guiding monetary policy, particularly during times of geopolitical tensions and global economic shocks.
Aboul Gheit, in his speech, lauded the AMF’s efforts in promoting stability and economic development across the Arab world. He thanked the CBE for hosting the meeting and expressed hope that the outcomes would strengthen cooperation and coordination among Arab countries in addressing the challenges facing the banking sector.
Alturki expressed gratitude for the patronage of President Abdel Fattah El-Sisi for the meeting and highlighted the importance of the topics on the agenda. He praised the CBE’s efforts in hosting the event and the diligent follow-up by Abdalla to ensure its success. He also acknowledged the valuable support of the governors of central banks and heads of Arab monetary institutions in enhancing the work of the Council.
The meeting discussed the outcomes of technical committees and working groups, approving the final versions of the 2024 Annual Arab Financial Stability Report and the 2024 Joint Arab Economic Report. Participants also finalized the proposed issues to be included in the Unified Arab Discourse, which will be presented at the annual meetings of the International Monetary Fund (IMF).
The meeting also reviewed several working papers prepared by the Council’s General Secretariat, focusing on issues such as managing monetary policy in an environment of uncertainty and recurring shocks, as well as the role of central banks in addressing climate change risks.
On the sidelines of the meeting, a high-level roundtable on “Building More Resilient Financial System in the Digital Era” took place on September 30. The event focused on the implications of monetary policy and financial stability in a changing financial system, the adoption of artificial intelligence in the financial sector, and cybersecurity risks.
The Council of Arab Central Banks and Monetary Authorities’ Governors meets annually in a different Arab country. Its goal is to strengthen the role of central banks, enhance collaboration and exchange expertise in banking among Arab countries, and coordinate Arab positions on international monetary issues.
