Under the patronage of His Excellency President Abdel Fattah El-Sisi, President of the Arab Republic of Egypt, the Central Bank of Egypt hosted today in Cairo the 48th regular session of the Council of Governors of Arab Central Banks and Monetary Institutions, which was inaugurated by Dr. Mostafa Madbouly, Prime Minister, Hassan Abdullah, Governor of the Central Bank of Egypt, Ahmed Aboul Gheit, Secretary-General of the League of Arab States, Dr. Fahd bin Mohammed Al-Turki, Director-General and Chairman of the Board of Directors of the Arab Monetary Fund, and Ayman Al-Sayyari, Governor of the Saudi Central Bank and Chairman of the current session, with the participation of a number of Arab central bank governors, heads of Arab and international financial institutions, and ambassadors of Arab countries. On this occasion, Dr. Mostafa Madbouly, Prime Minister, welcomed the Egyptian guests participating in the meeting, stressing that “the holding of the activities of this session comes under regional and international circumstances that impose unconventional challenges, which require dealing with innovative methods that take into account all factors and variables, and do not neglect the social dimension at the same time,” noting that the Egyptian government seeks, through an integrated program, to raise the contribution of investments and exports to the structure of the gross domestic product in a way that supports employment rates and helps provide job opportunities for young people.

For his part, Hassan Abdullah, Governor of the Central Bank of Egypt, stressed that “the meetings of the Council always enjoy a special status and great interest from the political leadership of the Arab Republic of Egypt, since Cairo hosted the activities of the first meeting of this Council in 1972, in the belief in the pivotal role played by central banks in leading economic growth and directing monetary policy, especially in light of geopolitical changes and successive global economic shocks.”

In the same context, Ahmed Aboul Gheit, Secretary-General of the League of Arab States, praised in his speech the efforts made by the Arab Monetary Fund and the vital role it plays as an important partner for Arab governments in enhancing the path of stability and economic, financial and monetary development. His Excellency also thanked the Central Bank of Egypt for hosting the work of this session, hoping that its results would contribute to achieving more cooperation and coordination between Arab countries in facing the challenges facing the banking sector, and in a way that achieves their common interests.

In the same context, Dr. Fahad bin Mohammed Al-Turki, Director General, Chairman of the Board of Directors of the Arab Monetary Fund, expressed his thanks and appreciation for the high patronage of His Excellency President Abdel Fattah El-Sisi for these meetings, noting the importance of the topics that the Council will discuss this year, in light of regional and international economic, financial, monetary and banking developments, praising the facilities provided by the Central Bank of Egypt to make this year's meeting a success and the diligent follow-up by Governor Hassan Abdullah to arrange the meetings. His Excellency also praised the support and attention given by the Governors of Arab Central Banks and Monetary Institutions to developing the work and activities of the Council.

The Council meetings discussed the results of the work of the technical committees and specialized working groups, and approved the final version of the annual report on financial stability in Arab countries for the year 2024, and the unified Arab economic report for the year 2024, in addition to approving the final version of the issues proposed to be included in the unified Arab speech that will be delivered during the meetings of the International Monetary Fund this year. A number of working papers prepared by the General Secretariat of the Council were also discussed on some issues that affect the performance of Arab banks and central banks, including mechanisms for managing monetary policy in an environment characterized by uncertainty and frequent shocks, and the role of central banks in dealing with climate change issues.

On the sidelines of the meeting, a high-level workshop was held yesterday - September 30, 2024 - entitled "Enhancing the resilience and stability of the financial system in the age of digitization", which discussed the implications of monetary policy and financial stability in a changing financial system, ways to enhance reliance on artificial intelligence in the financial sector, as well as discussing the challenges of cyber risks.

It is worth noting that the Council's meetings are held annually in one of the Arab countries, with the participation of the governors of Arab central banks and a number of experts, specialists and senior officials in Arab countries, in addition to the wide participation of regional and international financial institutions. The Council aims to support the role of central banks, enhance cooperation and exchange of expertise in the field of banking work between Arab countries, and coordinate the positions of Arab countries in confronting international monetary problems, in a way that achieves their common interests.