The Assembly of Governors of the Association of African Central Banks (AACB) approved a proposal by the Central Bank of Egypt (CBE) to establish an African Financial Stability Committee. According to a CBE statement, the Committee will play a crucial role in strengthening financial stability across the continent. The Committee will: * Assess national financial frameworks: Evaluate the financial stability frameworks of member countries. * Promote best practices: Identify and share best practices to enhance and harmonise frameworks. * Monitor global and regional risks: Track potential financial imbalances that could impact Africa. * Identify systemic risks: Proactively detect and address systemic risks. * Foster co-operation: Facilitate collaboration among African central banks to raise awareness of financial stability issues. The AACB's Assembly of Governors also approved CBE's leading of a working group to prepare an African Financial Stability Report. The report will analyse systemic risks and assess the ability of African financial systems to continue their role in financial intermediation. CBE Governor Hassan Abdalla chaired Egypt's delegation at AACB's 46th Annual General Meetings in Mauritius. The meeting discussed the association's activities and approved the work programme for 2024-2025. The annual seminar focused on using big data, interest rates, and AI to combat inflation. Attribution: CBE statement
