Hassan Abdalla, Governor of the Central Bank of Egypt (CBE), headed Egypt’s delegation at the 48th annual meetings of the Association of African Central Banks (AACB), hosted by the Central Bank of Kenya from 13 to 18 September in Nairobi, with the participation of governors of 34 central banks out of the Association’s 41 member central banks representing 53 African countries.
The CBE Governor participated in several high-level meetings, including the annual Governors’ Symposium, held under the theme “Monetary Integration and Fiscal Sovereignty in Africa: Strategic Insights into Reducing the Continent’s Dependence on International Institutions”. The symposium concluded in the presence of the President of Kenya.
He also participated in the annual meeting of the Board of Governors, where the Association’s activities during the current year and its work programme for the coming year were reviewed, with a number of decisions taken.
The Board meeting was preceded by meetings of the Technical Committee of Experts and the Bureau from 13 to 16 September.
In addition, the Board of Governors approved the composition of the Association’s Bureau of Governors for the coming year, with the CBE joining the Bureau as Deputy Chair of the North Africa region, paving the way for Egypt to assume the region’s chairmanship in 2028.
The Board also approved the publication of the second edition of the African Financial Stability Report, building on the success of the first edition, which marked an important step towards developing a comprehensive framework for monitoring and assessing risks that could affect financial stability across the continent.
The report is one of the key outputs of the African Financial Stability Committee, which was established following a proposal by the CBE Governor to the Association of African Central Banks in 2024. The committee aims to support financial stability across the continent and enhance coordination and the exchange of information, expertise and best practices among African central banks in the areas of financial stability and macroprudential policies.
The CBE chairs the taskforce responsible for preparing the report, with the participation of several African central banks representing different regions of the continent. This strengthens the report’s continental scope and enables it to draw on diverse expertise and experiences in monitoring and assessing risks that could affect financial stability.
The report will be published through the Financial Stability Committee’s online portal on the website of the Association of African Central Banks.
On banking supervision, the meetings reviewed the activities of the working group on the implementation of Basel standards, chaired by the CBE. The group’s activities aim to support cooperation and the exchange of expertise among African central banks and included two virtual seminars on “Climate-Related Financial Risks and Sustainable Finance” and “Effective Supervision Based on Supervisory and Risk Management Frameworks”, as well as an in-person seminar held at the CBE on “Current and Emerging Supervisory Developments”.
The working group also prepares regular newsletters covering key topics issued by the Basel Committee. These are published through the group’s online platform on the website of the Association of African Central Banks, which was launched in September 2025.
The meetings also presented the working group’s proposed activities for the 2026–2028 period.
In addition, the Governor participated in an introductory session of the Board of Directors of the African Monetary Institute (AMI), following the approval of its composition by the Board of Governors.
The Board includes Egypt, Tunisia and Morocco representing the North Africa region, alongside 12 central banks representing the Association’s five regions. The session marked an important institutional step towards activating the Institute and beginning to undertake its mandate of supporting African monetary and financial cooperation and integration.
