Egypt in talks to access Afreximbank’s PAPSS in H2 2023

Egypt in talks to access Afreximbank’s PAPSS in H2 2023

The African Export-Import Bank (Afreximbank) is in talks with the Central Bank of Egypt (CBE) and several commercial banks to activate Egypt’s accession to Afreximbank’s Pan-African Payment and Settlement System (PAPSS) in the second half (H2) of 2023, Al Mal News reported on June 25th, citing the bank’s Senior Manager for International Cooperation Christiane Abou Lehaf. Abou Lehaf stressed that Egypt’s joining the PAPSS would boost opportunities for the local firms and the banking system to scale up trade exchange and investments with African countries in local currency and, thus, handle the foreign exchange shortage pressures. Launched in 2022, the PAPSS enables cross-border transactions between African countries in their respective local currencies, with the aim of contributing to financial integration across the region. Copyright © 2022 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. ( Syndigate.info ).