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

Hassan Abdalla – Acting Governor of the Central Bank of Egypt (CBE) – took part in the meeting of the 46th session of the Board 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 follows an invitation he received from Abdel Rahman bin Abdullah Al-Hamidi, Managing Director and Chairman of the Board of the Arab Monetary Fund (AMF).

The meeting covered many important topics on the agenda, including the global inflationary wave and its impact on monetary policy in Arab countries, the risks of climate change impacts on the financial sector and banking services, and the challenges of the transition to green finance. .

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

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

In the same framework, the governors of Arab central banks and monetary institutions also examined the report on the financial stability of Arab countries, the unified Arab economic report, as well as the unified Arab discourse for the year 2022 to be presented at the annual meetings. of the Boards of Governors of the International Monetary Fund (IMF) and the World Bank (WB).

On the sidelines of the meeting, Abdallah held a bilateral meeting with Al-Hamidi during which they discussed several important topics related to the coordination of efforts between the monetary authorities of the Arab countries to face the emerging changes and challenges and the MFA support mechanisms.

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

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