Today, President Abdel Fattah El-Sisi met with Prime Minister, Dr. Moustafa Madbouly, and Governor of the Central Bank of Egypt, Mr. Hassan Abdallah.
Spokesman for the Presidency Ambassador Mohamed El-Shennawy said the meeting reviewed the current performance of the national economy and key work pillars related to upcoming economic reforms. Discussions focused particularly on ongoing efforts to curb inflation rates and increase US dollar inflows. The Governor of the Central Bank reaffirmed the Bank’s continued commitment to maintaining financial stability and enhancing the resilience of the banking sector, based on an approach grounded in transparency and inflation reduction, as well as commitment to a flexible exchange rate regime determined by market dynamics.
CBE Governor, Mr. Abdallah, noted that the Bank’s Board of Directors approved the regulatory framework governing the services of the Digital Financial Identity system. This comes as part of the Bank’s ongoing efforts to drive digital transformation and expand financial inclusion. The CBE Governor underlined the positive national economic indicators despite the unprecedented regional and international challenges, pointing out that foreign exchange reserves reached an all-time high of $57.50 billion at the end of October 2026, alongside net foreign assets in the banking sector hitting their highest level since 2011.
President El-Sisi stressed the necessity of sustained efforts to maintain safe levels of foreign exchange reserves capable of securing strategic requirements of essential commodities, through continuous coordination between the government and the Central Bank in this regard. The President gave directives to maintain a balance between keeping pace with technological innovation and investing in human capital to bolster the future of the banking sector. President El-Sisi also directed the establishment of robust risk management frameworks, the enhancement of good governance, and the consolidation of the cybersecurity architecture to mitigate risks that could jeopardize the stability of the financial system and impact the markets.
Distributed by APO Group on behalf of Presidency of the Arab Republic of Egypt.
