The governors of the Egyptian and Eswatini central banks discuss prospects for cooperation and exchange of banking expertise.

Ahmed Salem

Hassan Abdullah, Governor of the Central Bank of Egypt, received Dr. Phil Mnesy, Governor of the Central Bank of the Kingdom of Eswatini, at the Central Bank headquarters, during his current visit to the Arab Republic of Egypt, to discuss ways to enhance joint cooperation between the two central banks and exchange experiences in various banking fields.

During the meeting, the two sides discussed a number of topics of common interest, including the experience of the Central Bank of Egypt in the currency circulation system, and the potential of the Currency Printing House as a leading model in the Africa and Middle East region and its role in printing currency for the benefit of a number of African countries.

Egypt's experience with the African Payment System “PAPSS”

Egypt’s experience in joining the African Payment and Settlement System “PAPSS” was also reviewed, as well as ways to benefit from this experience in order to support the Kingdom of Eswatini’s accession to this system, which aims to facilitate the implementation of payments and trade transfers across borders while reducing the cost and time required to implement them.

The meeting also discussed ways to cooperate on the initiative launched by the Central Bank of Egypt in cooperation with the African Export-Import Bank to establish a bank specializing in gold at the level of the African continent.

It aims to strengthen central bank reserves, reduce reliance on refining and trading centers outside Africa, formalize the gold industry and trading system, review the Egyptian experience in supporting exports through export guarantee mechanisms and programs, and explore ways to cooperate in capacity building and developing banking personnel.

Strengthening cooperation with African central banks

On this occasion, Hassan Abdullah welcomed the Governor of the Central Bank of the Kingdom of Eswatini to his second home, Egypt, stressing the Egyptian Central Bank’s keenness to enhance cooperation with African central banks, within the framework of the Egyptian state’s orientation towards strengthening its relations with the countries of the continent, and supporting African economic and financial integration efforts.

The visit is scheduled to include a field tour of both the Currency Printing House and the Currency Center in the New Administrative Capital, to learn about the various stages of banknote production, the modern technologies used in printing and securing the printed materials, and quality control procedures, as well as to learn about the currency circulation system, in addition to visiting the Egyptian Banking Institute to learn about its training and capacity-building programs, and its role in preparing and qualifying banking personnel.

Cooperation and exchange of expertise between the Central Bank of Egypt and the Central Bank of Eswatini

This visit comes as a continuation of the cooperation between the Central Bank of Egypt and the Central Bank of the Kingdom of Eswatini, which has witnessed close cooperation and exchange of experiences in a number of areas over the past years, including the application of Basel standards, financial inclusion, financing of micro, small and medium enterprises, and climate-related risk management. The visit also falls within the framework of existing cooperation between the two sides through the Association of African Central Banks (AACB) and the Common Market for Eastern and Southern Africa (COMESA), reflecting the growing role of the Central Bank of Egypt in supporting financial integration, transferring expertise, and building capacities at the level of the African continent.