Egypt participates in meeting of Board of Governors of Arab Central Banks and Monetary Institutions in Saudi Arabia

Hossam Mounir
3 Min Read

Hassan Abdalla — Acting Governor of the Central Bank of Egypt (CBE) — took part in the meeting of the 46th session of the Council of Governors of Arab Central Banks and Monetary Institutions on Sunday in Jeddah, Saudi Arabia, under the auspices of the Custodian of the Two Holy Mosques.

Abdalla’s participation in the meeting comes in response to an invitation he received from Abdel Rahman bin Abdullah Al-Hamidi — Director General and Chairman of the Board of Directors of Arab Monetary Fund (AMF).

The meeting tackled many important topics on the agenda, most notably the global inflationary wave and its repercussions on monetary policy in Arab countries, the risks of the repercussions of climate change on the financial sector and banking services, and the challenges of shifting towards green finance.

The meeting also discussed the requirements and challenges of rebuilding capital margins and liquidity in the banking sector after lifting support packages.

During the meeting, the governors of the Arab central banks and monetary institutions were briefed on the reports of the technical committees and working groups emanating from the Board of Governors, including the Arab Committee for Banking Supervision, the Arab Committee for Payment and Settlement Systems, the Arab Committee for Credit Information, the Regional Working Group to Promote Financial Inclusion in Arab Countries, and the Stability Working Group Finance in Arab countries.

Within the same framework, the governors of Arab central banks and monetary institutions also reviewed the Financial Stability Report for Arab countries, the Unified Arab Economic Report, as well as the Unified Arab Speech for the year 2022 to be presented to the annual meetings of the Boards of Governors of the International Monetary Fund (IMF) and the World Bank (WB).

On the side-lines of the meeting, Abdallah held a bilateral meeting with Al-Hamidi in which they discussed several important topics related to coordinating efforts among the monetary authorities in Arab countries to confront emerging changes and challenges and mechanisms to support the AMF.

Abdalla also participated in a reception hosted by Fahd bin Abdullah Al-Mubarak on Saturday in the presence of other governors of central banks and Arab monetary institutions, who congratulated Abdallah on his assumption of the position of acting governor of the CBE, wishing him success in his assigned mission.

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