Egypt’s central bank aims to double foreign reserves in 4 years – Hassan Abdalla

By Nada Ali On Oct 27, 2022

Egypt’s central bank aims to rebuild stronger foreign reserves and to be doubled within four years, said its governor Hassan Abdalla on Thursday.

Abdalla assured that adopting a durably flexible exchange rate regime is part of an integrated programme to support Egyptian economy.

He stressed that the agreement with the International Monetary Fund (IMF) is aligned with the economic reform measures that Egypt is pursuing during the current period.

Ivanna Vladkova Hollar, IMF Mission Chief for Egypt, has announced earlier that it had reached a staff-level agreement with the Egyptian government on comprehensive economic policies and reforms to be supported by a 46-month $3 billion Extended Fund Facility (EFF) arrangement.

In September, Egypt’s foreign reserves increased for the first time in the last 5 months, recording $33.198 billion compared to $33.142 billion the month before.

Central Bank of Egypt (CBE)Egypt Egypt's central bank Egyptian economy Hassan Abdalla IMF IMF agreement