Egypt's Central Bank Reaffirms Initiative to Establish Africa's First Specialized Gold Bank

The Central Bank of Egypt (CBE) has reaffirmed its initiative to establish a specialized gold bank for the African continent during a meeting between CBE Governor Hassan Abdalla and Dr. Phil Mnisi, Governor of the Central Bank of the Kingdom of Eswatini, as part of ongoing efforts to strengthen bilateral cooperation and exchange banking expertise.

According to a statement issued by the CBE, the discussions covered cooperation on the initiative launched jointly by the Central Bank of Egypt and the African Export-Import Bank (Afreximbank) to establish a specialized gold bank for Africa. The initiative aims to strengthen central bank gold reserves across the continent, reduce reliance on refining and trading hubs outside Africa, and support the formalization of Africa's gold production and trading ecosystem.

The two sides also discussed several other banking-related topics, including Egypt's experience in currency circulation management, the capabilities of its state-of-the-art banknote printing facility, Egypt's participation in the Pan-African Payment and Settlement System (PAPSS), export support mechanisms, and cooperation in banking capacity building and professional training.

Hassan Abdalla reaffirmed the Central Bank of Egypt's commitment to deepening cooperation with African central banks in support of financial and economic integration across the continent. As part of the visit, the Governor of the Central Bank of Eswatini is scheduled to tour the New Administrative Capital's Currency Printing House and Cash Center to review the various stages of banknote production, advanced security printing technologies, quality control procedures, and Egypt's cash circulation system. The delegation will also visit the Egyptian Banking Institute to learn about its training programs and role in developing banking professionals.

The renewed emphasis on the initiative underscores Egypt's continued efforts to advance Africa's gold value chain by enhancing the management of central bank gold reserves, increasing value addition to the continent's mineral resources, and reducing dependence on overseas refining and trading centers.