CAIRO - 18 Septemer 2023: The Governor of the Central Bank of Egypt (CBE), Hassan Abdullah, attended the forty-seventh session of the Council of Governors of Arab Central Banks and Arab Monetary Institutions. The event, organized by the Arab Monetary Fund, brought together esteemed figures such as Mohamed Al-Etreby, the President of the Union of Arab Banks, and Wissam Fattouh, the Secretary-General.
During the session, fruitful discussions were held regarding the organization of specialized banking forums in Egypt, Tunisia, and Qatar. These forums aim to foster collaboration and knowledge sharing among banking professionals in the region.
Furthermore, Al-Etreby and Fattouh took the opportunity to engage with Arab central bank governors, heads of international regulatory bodies, and leaders from the Arab banking sector. The delegation from the Union of Arab Banks explored potential avenues of cooperation between the Union and banking supervisory and regulatory authorities.
The delegates also delved into crucial issues surrounding new international banking legislation and rules, with a particular focus on compliance matters. They discussed strategies for implementing these regulations effectively, considering the standpoint of the Union of Arab Banks. A statement released by the Union highlighted the importance of addressing compliance challenges and ensuring adherence to international standards.
Key topics addressed during the session included the efficacy of monetary policy in tackling inflation resulting from supply imbalances. The participants also deliberated on striking a balance between advancing the digitization of financial services and maintaining financial stability. Additionally, there was emphasis on enhancing transparency, accountability, and governance within the operations of central banks.
The 47th session of the Council of Arab Central Banks provided a platform for fruitful exchanges and collaborative efforts to strengthen the banking sector across the Arab region. The participation of Governor Hassan Abdullah and other influential figures reflects Egypt's commitment to fostering regional cooperation and advancing financial stability.