President El-Sisi Follows-up on Monetary Policy Indicators and Banking Sector Performance

Today, President Abdel Fattah El-Sisi met with Prime Minister, Mr. Mostafa Madbouly, and Governor of the Central Bank of Egypt, Mr. Hassan Abdallah.

The Spokesman for the Presidency said the meeting followed-up on the monetary policy indicators and the performance of the banking sector in the country.

Mr. Abdallah offered an overview of the most prominent indicators of the global economic situation. He also reviewed the decisions and actions taken recently by central banks in the world’s largest economies to deal with the severe economic repercussions and developments in the current international circumstances as a result of the Russian-Ukrainian crisis and the constant changes in global monetary policies to adapt to the repercussions of this crisis. The Governor of the Central Bank of Egypt also tackled developments in the local macroeconomic indicators, the performance of the state’s banking sector as well as efforts to provide production requirements for the development process and other priority sectors. This comes within the plans of the monetary policy and the Central Bank in the short, medium and long terms, with a view to maintain the state’s safe economic trajectory and the balanced monetary position it adopts.

President El-Sisi directed the development of a new initiative to spur and attract foreign investments to Egypt during the coming period, while continuing the plans and efforts of the Central Bank and the banking system to provide priority supplies for production and the industry. This shall take place in tandem with a close follow-up of the import system against the requirements of development.