The Central Bank of Egypt (CBE), during the period from 5 to 9 August 2018, is set to host the 41st annual meeting of the African Central Bank Association (AACB), which will be held in Sharm El-Sheikh under the patronage of President Abdel Fattah Al-Sisi.
This is the first time that Egypt has hosted this meeting in the context of the Egyptian efforts to strengthen relations with African countries and expand cooperation in the economic field to benefit the Egyptian economy and all African countries and help realize the hopes and aspirations of their peoples to achieve greater growth and prosperity.
Prime minister and acting minister of housing, Mostafa Madbouly, will open the seminar on behalf of President El-Sisi on 8 August.
This annual symposium of the AACB is one of the most important economic and banking events in the African continent, due to the high level of representation, which includes governors of the central banks of member countries, as well as participation of major international and regional institutions, such as the African Union Commission, the International Monetary Fund (IMF) and the World Bank, as well as the Federal Reserve Bank of New York, the European Central Bank, and the COMESA.
The seminar will discuss several important issues, including the impact of the decline of correspondent banking relations on the financial sector development and economic growth in Africa, illegal capital flows into Africa and the challenges and implications for African countries, as well as the exchange of experience and cooperation from the experiences of participating central banks.
The AACB currently has 40 central banks members representing 52 African countries.
The organisation structure consists of the board of governors, the bureau and regional subcommittees divided into five committees, North, South, Central, East and West Africa. The North Africa sub-committee includes the CBE, along with the Central Banks of Sudan, Libya, Mauritania, Tunisia, and Morocco.