Hassan Abdalla, Governor of the Central Bank of Egypt (CBE), affirmed the CBE’s keenness to enhance cooperation with African central banks. This comes within the framework of the Egyptian state’s orientation towards strengthening its relations with the continent’s nations and supporting efforts for African economic and financial integration.
This statement was made as the CBE Governor received Dr. Phil Mnisi, Governor of the Central Bank of Eswatini, at the CBE headquarters during his current visit to the Arab Republic of Egypt. The meeting aimed to discuss ways to bolster mutual cooperation between the two central banks and exchange expertise across various banking fields.
During the meeting, both sides discussed several topics of mutual interest, including the CBE’s experience in the cash management system. They also explored the capabilities of the Banknote Printing House as a pioneering model in the Middle East and Africa, highlighting its role in printing banknotes for a number of African nations.
The discussions also reviewed Egypt’s experience in joining the Pan-African Payment and Settlement System (PAPSS) and ways to leverage this experience to support the Kingdom of Eswatini’s accession to the system. PAPSS aims to facilitate cross-border commercial payments and transfers while reducing the associated time and costs.
Furthermore, the meeting addressed avenues of cooperation regarding the initiative launched by the CBE, in collaboration with the African Export-Import Bank (Afreximbank), to establish a specialized pan-African gold bank. This initiative aims to bolster central banks’ reserves, reduce reliance on refining and trading centers outside Africa, and formalize the gold industry and trading ecosystem. The two sides also reviewed the Egyptian experience in export support through export guarantee mechanisms and programs, in addition to exploring cooperation in capacity building and developing banking cadres.
The visit is scheduled to include a field tour of both the Banknote Printing House and the Cash Center in the New Administrative Capital. This tour will provide an overview of the various stages of banknote production, the modern technologies used in printing and securing banknotes, and quality control procedures, as well as an introduction to the cash management system. A visit to the Egyptian Banking Institute (EBI) is also planned to explore its training and capacity-building programs and its role in preparing and qualifying banking professionals.
This visit builds upon the ongoing cooperation between the CBE and the Central Bank of Eswatini, which has witnessed close collaboration and knowledge exchange over the past years in several areas. These include the implementation of Basel standards, financial inclusion, Micro, Small, and Medium Enterprises (MSMEs) financing, and climate-related risk management. The visit also falls within the framework of existing cooperation between the two sides through the Association of African Central Banks (AACB) and the Common Market for Eastern and Southern Africa (COMESA). This reflects the CBE’s growing role in supporting financial integration, transferring expertise, and building capacities across the African continent.
