At the Financial Stability Summit held in Abu Dhabi in 2024, the Governor of the Central Bank of Egypt, Hassan Abdullah, highlighted the resilience of the Egyptian banking sector in the face of various risks, as well as the effectiveness of the Central Bank’s macroprudential policies in promoting financial stability. The event, which brought together several central bank governors from the Arab world, including Khaled Mohammed Balama of the Central Bank of the United Arab Emirates and Fahad M. Alturki of the Arab Monetary Fund, highlighted the importance of the regular assessments conducted by the Central Bank to measure the resilience of the banking sector in the face of potential risks. Abdullah particularly highlighted the importance of stress tests that are carried out to assess the vulnerability of the banking sector to economic, financial, geopolitical and climatic shocks. These tests help anticipate systemic risks and adopt preventive measures to ensure financial stability. The Central Bank of Egypt is thus committed to adopting a comprehensive macroprudential approach to ensure the resilience of the financial system as a whole.
This summit was also an opportunity to discuss priorities in terms of financial regulation and supervision, in a global economic context marked by many challenges. The central bank governors stressed the importance of strengthening cooperation between the different financial institutions and promoting sound prudential policies to anticipate emerging risks.
In conclusion, the high-level meeting on financial stability held in Abu Dhabi highlighted the commitment of financial authorities to promote the stability of the financial system. The discussions between the different actors highlighted the importance of vigilance and coordination to face current challenges and preserve the resilience of the banking sector in the face of potential risks.