the 48th Meeting of the Council of Arab Central Banks and Monetary Authorities’ Governors

Under the auspices of H.E. PresidentA bdel Fattah El-Sisi, the Central Bank of Egypt (CBE) hosted the 48th ordinary session of the Council of Arab Central Banks and Monetary Authorities’ Governors in Cairo today. The opening session was inaugurated by H.E. Dr. Mostafa Madbouly – the Prime Minister -, H.E. Mr. Hassan Abdalla – Governor of the CBE -, and H.E. Mr. Ahmed Aboul Gheit – The Secretary-General of the League of Arab States -, as well as H.E. Dr. Fahad M. Alturki – Director General Chairman of the Board of the Arab Monetary Fund (AMF) -, and H.E. Mr. Ayman Alsayari – Governor of the Saudi Central Bank (SAMA) and the Chairman of the current Annual Meetings. Notably, the session witnessed a wide participation of Arab Central Banks’ governors, heads of Arab and international financial institutions, and ambassadors of Arab countries in Egypt.

On this occasion, H.E. Dr. Mostafa Madbouly, the Prime Minister, welcomed the participants of the Annual Meetings, highlighting, “This session convenes amid regional and international conditions that pose unconventional challenges, requiring innovative approaches that account for all variables, while also considering the social aspect.” He reaffirmed that the Egyptian government is seeking, through a full-fledged program, to increase the contribution of investments and exports to the GDP, thereby enhancing employment rates and creating job opportunities for the youth.

From his side, H.E. Mr. Hassan Abdalla, Governor of the CBE, emphasized, “The Council’s Meetings have always been highly valued by Egypt’s political leadership, as Cairo hosted the Council’s first Meeting in 1972, out of the strong belief in the crucial role played by Central Banks in driving economic growth and shaping monetary policy across Arab nations, particularly in light of the ongoing geopolitical tensions and the recurring global economic shocks”.

In this regard, H.E. Mr. Ahmed Aboul Gheit, the Secretary-General of the League of Arab States, commended in his remarks the unwavering efforts of the AMF and its significant role as a key partner to Arab governments in promoting stability and advancing the economic, financial, and monetary areas. He also acknowledged the strides of the CBE to host the 48th Annual Meetings, hoping that the outcomes will enhance cooperation and coordination among Arab countries in addressing the challenges that encounter the banking sector, as well as fostering their common interests.

In the same context, H.E. Dr. Fahad M. Alturki, General Director Chairman of the AMF’s Board of Executive Directors, lauded the generous patronage of H.E. President Abdel Fattah El-Sisi for these Meetings, highlighting the great importance of the topics the Council discussed this year, in light of regional and global economic, financial, monetary and banking developments. He also commended the excellent facilities provided by the CBE for the success of this year’s Meetings and the diligent follow-up by H.E. Mr. Hassan Abdalla to hold the Meetings. Dr. Alturki also acknowledged the valuable support and contributions of their Excellencies, the Governors of Central Banks and Heads of Arab Monetary Institutions, in enhancing the work and endeavors of the Council.

The Meetings discussed the outcomes of the technical committees and specialized Task Forces related to the operations of Arab Central Banks. Furthermore, they approved the final version of the 2024 Annual Arab Financial Stability Report, and the 2024 Joint Arab Economic Report, in addition to approving the final version of the proposed issues to be included in the Unified Arab Discourse, which will be presented during the Annual Meetings of the International Monetary Fund (IMF). Additionally, the Meetings reviewed several working papers prepared by the Council’s General Secretariat, focusing on various issues impacting the performance of banks and central banks operating in Arab countries, including the mechanisms of managing monetary policy in an environment of high uncertainty and recurring turbulences, as well as the role of Central Banks in dealing with climate change risks.

On the sidelines of the Meetings, a High-Level Roundtable with the theme, “Building More Resilient Financial System in the Digital Era” – held on September 30, 2024 – tackled the implications of monetary policy and financial stability within a changing financial system, ways to enhance the adoption of artificial intelligence in the financial sector, as well as the managing of cybersecurity risks.

Noteworthy, the Meetings of the Council of Arab Central Banks and Monetary Authorities’ Governors are held annually in one of the Arab countries, with the distinguished participation of Arab Central Banks’ governors, several experts and senior officials in Arab countries, as well as a wide participation of regional and international financial institutions. The Council aims at strengthening the role of Central Banks, enhancing collaboration and the exchanging of expertise in banking among Arab countries, as well as coordinating the stances of Arab nations in addressing international monetary challenges, thereby serving their common interests.