Egypt to chair North Africa central banks group in 2028

Egypt will chair the North Africa region of the Association of African Central Banks (AACB) in 2028 after the Central Bank of Egypt (CBE) joined the association’s bureau as vice-chair of the region, the CBE said on Sunday.

CBE Governor Hassan Abdalla led Egypt’s delegation to the AACB’s 48th annual meetings in Nairobi, hosted by the Central Bank of Kenya (CBK) from 13-18 Sept. The meetings were attended by governors of 34 of the association’s 41 member central banks, representing 53 African countries, the CBE said.

The governors’ council approved the bureau’s composition for the coming year, with the CBE taking the vice-chair position for North Africa ahead of Egypt’s planned chairmanship of the region in 2028.

The council also approved the publication of the second edition of the African Financial Stability Report, following the release of its first edition. The report is intended to support monitoring and assessment of risks to financial stability across the continent.

The CBE chairs the working group responsible for preparing the report, with participation from central banks representing different African regions. The report will be published through the online portal of the African Financial Stability Committee, the CBE said.

The governors also reviewed the work of the AACB group responsible for implementing Basel standards, which is chaired by the CBE. The group has organised seminars on climate-related financial risks, sustainable finance and supervisory and risk-management frameworks, while also preparing regular updates on developments by the Basel Committee.

The group presented its proposed activities for 2026-2028, the CBE said.

Abdalla also took part in the annual governors’ symposium, which focused on monetary integration and fiscal sovereignty in Africa and strategies to reduce the continent’s reliance on international institutions. The symposium concluded in the presence of Kenyan President William Ruto.

The meetings also included an introductory session for the board of directors of the African Monetary Institute (AMI), after its composition was approved by the governors’ council.

Egypt, Tunisia, and Morocco will represent North Africa on the AMI board, alongside 12 other central banks representing the AACB’s five regions. The session marked a step towards activating the institute and its role in supporting monetary and financial cooperation and integration in Africa, the CBE said.