The Central Bank of Egypt (CBE) has hosted the first official meeting of the African Financial Stability Report Working Group, operating under the African Financial Stability Board (AFSB). Chaired by CBE Governor Hassan Abdalla, the meeting brought together representatives from central banks across Africa's five regions, marking a significant step in strengthening cross-continental financial coordination and stability. This initiative reflects Egypt's ongoing commitment—under the directives of President Abdel Fattah Al-Sisi—to deepening African integration and establishing structured frameworks for regional cooperation, particularly in the financial and economic spheres. Participating institutions included the Central Bank of Egypt representing North Africa, the South African Reserve Bank, the Central Bank of Eswatini, and the Bank of Mozambique for Southern Africa, the Central Bank of West African States (BCEAO) for West Africa, the Bank of Central African States (BEAC) for Central Africa, and the National Bank of Rwanda and the Bank of Mauritius for East Africa. This inclusive representation underscores a unified continental approach to financial stability, rooted in regional diversity and shared priorities. The meeting plays a central role in the development of Africa's first continent-wide Financial Stability Report, which is set to be presented at the Association of African Central Banks (AACB) meeting in Cameroon in November 2025. The report will assess the adoption of macroprudential policy frameworks by central banks across the continent, analyze macroeconomic and financial developments at both the global and regional levels, evaluate risks to financial systems, examine the resilience of banking and non-banking sectors including capital markets, and review the extent of integration among African payment systems. As host and chair of the Working Group, and serving as Secretariat of the African Financial Stability Board, the Central Bank of Egypt plays a leading role in coordinating efforts to promote institutional cooperation and harmonization of financial regulatory frameworks across African central banks. The AFSB itself was established by the Assembly of Governors, with its inaugural meeting held in Cairo in December 2024. Its overarching objective is to strengthen financial stability from a macroprudential perspective while enhancing regulatory cohesion among member states. The meeting was opened by Naglaa Nozha, Advisor to the Governor for African Affairs, and Ahmed Sahloul, Assistant Sub-Governor for Macroprudential Risk Oversight and Chair of the Working Group. Both emphasized the importance of the forthcoming report as a strategic reference for identifying key economic and financial challenges facing the continent, monitoring developments across banking, non-banking financial institutions, payment systems, and capital markets, and providing actionable recommendations to enhance resilience and boost investor confidence. This meeting marks a milestone in Africa's financial integration journey, reinforcing the continent's position as a credible and attractive global investment destination while advancing a shared vision for long-term economic stability.
