Egypt’s foreign reserves ‘very reassuring,’ central bank governor tells Sisi

President Abdel Fattah El-Sisi met Sunday with Central Bank of Egypt (CBE) Governor Hassan Abdalla, who reported that Egypt’s foreign currency reserves remain at what he called “very reassuring” levels, according to a statement from the presidency.

The briefing came as Egypt continues to wrestle with the twin challenges of stabilising its pound and bringing down inflation, which has weighed heavily on household budgets in recent years. Abdalla told the president that reserves were being bolstered by increased foreign currency inflows from multiple sources.

Sisi urged the central bank and government to keep working together to tame inflation and secure the dollars needed to pay for imports and production inputs. He also called for efforts to maintain a flexible exchange rate and explore new ways of assessing credit risk, the statement said.

The meeting highlighted Egypt’s ongoing push to reassure investors and citizens that the economy is stabilising.

Attribution: Amwal Al Ghad English