Egypt, Eswatini discuss expanding banking cooperation

Central Bank of Egypt (CBE) Governor Hassan Abdalla received Phil Mnisi, Governor of the Central Bank of the Kingdom of Eswatini, at the CBE headquarters during the latter’s official visit to Egypt, where the two sides discussed ways to strengthen bilateral cooperation and exchange expertise across a wide range of banking fields. During the meeting, the governors reviewed several areas of mutual interest, including the CBE’s experience in cash circulation management and the capabilities of Egypt’s Banknote Printing House, which is regarded as one of the leading facilities in Africa and the Middle East and produces banknotes for several African countries. The discussions also covered Egypt’s experience in joining the Pan-African Payment and Settlement System (PAPSS) and how Eswatini could benefit from that experience as it seeks to join the platform. PAPSS is designed to facilitate cross-border payments and trade settlements across Africa while reducing transaction costs and processing times. The two governors also explored opportunities for cooperation under the initiative launched by the CBE, in partnership with the African Export-Import Bank (Afreximbank), to establish a specialised pan-African gold bank. The initiative aims to strengthen central banks’ gold reserves, reduce dependence on refining and trading centres outside the continent, and formalise Africa’s gold production and trading ecosystem. The meeting further reviewed Egypt’s experience in supporting exports through export guarantee mechanisms and programmes, as well as opportunities for cooperation in capacity building and the development of banking professionals. Abdalla reaffirmed the CBE’s commitment to strengthening cooperation with African central banks as part of Egypt’s broader strategy to deepen ties across the continent and advance African economic and financial integration. As part of the visit, the Eswatini delegation is scheduled to tour the Banknote Printing House and the Cash Centre in Egypt’s New Administrative Capital to gain first-hand insight into the various stages of banknote production, advanced printing and security technologies, quality control procedures, and Egypt’s cash circulation system. The delegation will also visit the Egyptian Banking Institute to learn about its training and capacity-building programmes and its role in developing banking professionals. The visit builds on the longstanding cooperation between the CBE and the Central Bank of the Kingdom of Eswatini, which has included the exchange of expertise in areas such as Basel standards implementation, financial inclusion, micro, small and medium-sized enterprise (MSME) finance, and climate risk management. It also forms part of the broader collaboration between the two institutions through the Association of African Central Banks (AACB) and the Common Market for Eastern and Southern Africa (COMESA), reflecting the CBE’s expanding role in promoting financial integration, knowledge sharing, and institutional capacity building across Africa.  The post Egypt, Eswatini discuss expanding banking cooperation first appeared on Dailynewsegypt.