Cairo: Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE) has participated in the 48th Arab Central Bank Summit, a regular session of the Council of Arab Central Banks and Monetary Authorities’ Governors. The meeting was held under the patronage of Egyptian President Abdel Fattah El-Sisi. Prime Minister Dr. Mostafa Madbouly has attended the occasion alongside key regional banking and financial administrators.
This year’s session concentrated on several crucial economic issues, primarily the management of monetary policy in an increasingly demanding and uncertain global economic environment. 48th Arab Central Bank Summit highlighted the complexities surrounding private sector debt and its possible risks to the financial stability of Arab countries, highlighting the need for harmonized regional strategies.
Additionally, the session examined the evolving role of central banks in driving climate change. As financial institutions play a crucial role in sustainability, the discussions managed how central banks can lead efforts toward green finance and climate risk mitigation.
A key topic of discussion was the regulatory frameworks surrounding artificial intelligence (AI) applications in the financial sector. The governors discussed the implications of AI in banking, underscoring the significance of effective regulatory frameworks to ensure the responsible use of AI while fostering invention.
The meetings concluded with a call for enhanced cooperation among Arab central banks to bolster financial resilience and stability amid ongoing global economic tensions.