The Central Bank of Egypt (CBE) signed a memorandum of understanding with the People's Bank of China (PBOC) to set a cooperation framework spanning core central banking and financial sector priorities, including promoting local currency settlement for cross-border trade and financial transactions and strengthening cooperation on central bank digital currencies (CBDC). The framework covers information sharing, exchange of professional expertise, and staff training and development. Cooperation areas include monetary policy, financial markets, electronic payment systems and services, financial and supervisory technologies, and banknote issuance. It also supports financial innovation through joint research and studies and the exchange of technical information and expertise, and aims to facilitate direct investments between Egypt and China, with the PBOC highlighting best-practice sharing and regulatory coordination.
Central Bank of Egypt 2025-07-11
Central Bank of Egypt signs cooperation MoU with People's Bank of China covering local currency settlements and CBDC
The Central Bank of Egypt signed a memorandum with the People's Bank of China to establish a cooperation framework on central banking and financial sector priorities, including local currency settlement and CBDC collaboration. The framework includes information sharing, expertise exchange, and staff training in monetary policy, financial markets, and electronic payment systems. It also aims to support financial innovation and facilitate direct investments between Egypt and China.