Egypt’s Sisi directs CBE to ensure flexible FX, bigger private-sector role

Egyptian President Abdel Fattah El-Sisi called for closer coordination between the government and the Central Bank of Egypt (CBE) to boost dollar inflows and maintain a flexible exchange rate, as the country works to stabilise its economy and reassure investors.

In a meeting Monday with CBE Governor Hassan Abdalla, the president emphasised the need to secure sufficient foreign currency to safeguard reserves of essential goods, fuel supplies and industrial inputs, according to a presidency statement.

Talks also focused on expanding financing for the private sector to drive growth and attract foreign investment. President Sisi called for stronger incentives to capitalise on available opportunities and reinforce the private sector’s role in the economy.

The discussions also covered efforts to sustain a decline in inflation, strengthen foreign-exchange reserves, and assess risks from a challenging global economic environment.

Attribution: Amwal Al Ghad English