Egypt and Eswatini Central Banks Deepen Cooperation on Digital Payments and Banking
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 money circulation system, the potential of the money printing house as a leading model in the Africa and Middle East region and its role in printing money for the benefit of a number of countries on the African continent.
The Governor of the Central Bank of Egypt , Mr. Hassan Abdullah, received at the headquarters of the Central Bank of Egypt, Dr. Phil Menissi, 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 money circulation system, the potential of the money printing house as a leading model in the Africa and Middle East region and its role in printing money for the benefit of a number of countries on the African continent. They also reviewed Egypt’s experience in joining the African Payment and Settlement System (PAPSS) and ways to benefit from this experience in support of the Kingdom of Eswatini’s accession to this system, which aims to facilitate the implementation of cross-border commercial payments and transfers while reducing the cost and time required to implement them.
The meeting also discussed ways of cooperation on the initiative launched by the Central Bank of Egypt in cooperation with the Export-Import Bank of Egypt to establish a bank specialized in gold at the level of the African continent, which aims to strengthen the reserves of central banks, reduce dependence on refining and trading centers outside Africa, and formalize the system of gold industry and trading, in addition to reviewing the Egyptian experience in supporting exports through export guarantee mechanisms and programs, in addition to ways of cooperation in the field of capacity building and the development of banking cadres.
On this occasion, Mr. Hassan Abdullah welcomed the Governor of the Central Bank of the Kingdom of Eswatini to his second country, Egypt, stressing the Central Bank of Egypt’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 Money Printing House and the Cash Center in the New Administrative Capital, to learn about the various stages of banknote production, modern technologies used in printing and securing publications, quality control procedures, as well as learning about the cash 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 cadres.
This visit comes as a continuation of the process of 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 fields, including the application of the Basel Standards, financial inclusion, financing of micro, small and medium enterprises, and the management of climate-related risks. The Egyptian government in supporting financial integration, transfer of expertise, and capacity building at the level of the African continent.
