Central Bank of Egypt discusses PAPSS accession support, cash operations and gold bank initiative with Eswatini central bank

The Central Bank of Egypt said Gov. Hassan Abdalla met Phil Mnisi, governor of the Central Bank of the Kingdom of Eswatini, during Mnisi’s visit to Egypt to discuss deeper cooperation between the two central banks and the exchange of banking expertise. The talks focused on Egypt’s cash circulation system, the capabilities of its banknote printing house as a regional model in Africa and the Middle East, and Egypt’s experience in joining the Pan-African Payment and Settlement System, or PAPSS, as a possible reference point for Eswatini’s accession. The meeting also covered cooperation on the Central Bank of Egypt’s initiative with the African Export-Import Bank to establish a specialized gold bank for Africa. The initiative is aimed at strengthening central bank reserves, reducing reliance on refining and trading centers outside Africa, and formalizing the gold industry and trading system. Other topics included Egypt’s export support framework through export guarantee mechanisms and programs, as well as capacity building and banking workforce development. The visit is set to include tours of Egypt’s banknote printing house, the cash center in the New Administrative Capital and the Egyptian Banking Institute. The Central Bank of Egypt said the visit builds on existing cooperation in areas including Basel standards, financial inclusion, micro, small and medium-sized enterprise finance, and climate-related risk management, alongside wider engagement through the Association of African Central Banks and COMESA.