Sisi calls for safe FX reserves, stronger banking risk controls
Egyptian President Abdel Fattah El-Sisi on Monday called for maintaining sufficient foreign currency reserves to secure the country’s strategic imports of essential commodities and strengthening risk management, governance, and cybersecurity across the financial system.
Sisi made the remarks during a meeting with Prime Minister Moustafa Madbouly and Central Bank of Egypt (CBE) Governor Hassan Abdalla to review economic performance and preparations for the next phase of economic reforms, the presidency said in a statement.
The discussions covered efforts to sustain the decline in inflation and increase foreign currency inflows. Abdalla reaffirmed the central bank’s commitment to maintaining financial stability and strengthening the resilience of the banking system through a transparent approach focused on reducing inflation.
He also stressed the CBE’s continued adherence to a flexible exchange-rate regime determined by market forces.
The central bank’s board has approved regulations governing digital financial identity services as part of efforts to support digital transformation and expand financial inclusion, Abdalla said.
He also pointed to positive economic indicators despite unprecedented regional and international challenges, including foreign reserves reaching a record $57.50 billion at the end of October 2026 and net foreign assets held by the banking sector rising to their highest level since 2011.
Sisi stressed the need for continued coordination between the government and the central bank to maintain foreign currency reserves at safe levels and ensure they are sufficient to cover the country’s strategic import needs.
He also called for balancing technological innovation with investment in human capital to support the banking sector’s future development.
The president further directed the establishment of robust risk-management frameworks, stronger corporate governance, and reinforced cybersecurity systems to mitigate threats that could undermine financial-system stability and affect markets.