President El-Sisi Meets with PM and CBE Governor

President Abdel Fattah El-Sisi met today with Prime Minister Dr. Mostafa Madbouly and Governor of the Central Bank of Egypt (CBE) Mr. Tarek Amer.

The Spokesman for the Egyptian Presidency stated that the meeting discussed the efforts of the CBE with regard to economic and development activity through the banking and monetary system.

The CBE Governor presented the economic situation about a year and a half after the outbreak of the global COVID-19 crisis; the Egyptian economy proved to be coherent and highly successful. Hence, the stability of government banking institutions, the private sector and individuals was signaled, particularly in light of the CBE’s package of initiatives easing burdens on citizens and companies through extending loan maturities for 6 months and issuing investment certificates at high interest rates during the pandemic.

In this context, the President issued directives to continue developing the performance of the banking sector and the financial services it provides to various categories of citizens through the banking system.

The President also emphasized the importance of ensuring the stability of policies aimed at stabilizing the performance of the monetary sector.

Hence, the state’s efforts would be strengthened with a view to confronting various challenges and boosting the ability of the CBE to finance various development initiatives targeting individuals; medium and low-income groups; micro, small and medium enterprises; and real estate financing initiatives.

Mr. Tarek Amer indicated the steps taken to establish the CBE’s new printing house, in coordination with the National Company for Advanced Industrial and Integrated Strategic Printing Solutions (NASPS) with regard to the provision of raw materials in accordance with the latest international standards for banknotes. The President checked samples of the new banknotes that will be issued earlier in November.

The Spokesman added that Mr. Amer also demonstrated the success of the CBE in managing foreign reserves, which rose from $37 billion to $40.5 billion, during the COVID-19 pandemic, thus reflecting the resumption of the strong economic activity in Egypt in record time in accordance with the government’s crisis management plan.

The Governor of the Central Bank also stressed that the second cooperation program between the government and the International Monetary Fund (IMF) was a great success.

He praised the Egyptian government’s performance, underpinned by a prudent and transparent economic management, according to the IMF, the largest financial supervision institution in the world.

The Egyptian economy, as a result, has earned a well-established reputation, which has been reflected in the increase in foreign exchange inflows during the first half of this year by about $5 billion.