The Central Bank of Egypt (CBE) recently organized a seminar on “Current and Emerging Regulatory Developments,” attended by representatives from approximately 23 African central banks, members of the Association of African Central Banks (AACB). The event underscores Egypt’s leading role in fostering cooperation and knowledge exchange among African financial institutions. The seminar focused on priority topics for central bank supervision, including the Pillar II and III frameworks of the Basel Accord.
The seminar marked the first in-person participation of African central bank representatives since 2021, following several years of virtual sessions. It forms part of an ongoing series organized under the CBE’s leadership of the Basel Implementation Working Group within the Community of African Banking Supervisors (CABS), established during Egypt's Annual Conference in June 2019.
Discussions covered key areas such as supervisory regulations on Emergency Liquidity Assistance (ELA), Recovery Plans, Sanctions, and Governance. The event also addressed emerging topics like Cybersecurity and FinTech regulations, aiming to boost awareness and refine risk management practices continent-wide.
Tarek El Kholy, Deputy Governor of the CBE, stated: “We always welcome cooperation and exchange of expertise with our brethren from African central banks to enhance work efficiency in all relevant specialties. This series of seminars, organized under Egypt’s chairmanship of the Basel Implementation Working Group, represents a role model for integration among banking institutions that we aspire to support and expand at the regional and continental levels.”
Since its inception, the Working Group has hosted multiple seminars on the Pillar II and III frameworks of the Basel Accord, Basel III post-crisis reforms, climate-related financial risks and sustainable finance, and effective supervision through robust supervisory frameworks and risk management practices. These initiatives have been crucial in exchanging expertise among banking supervision professionals across African central banks, bolstering the region's capacity to tackle evolving regulatory challenges.