Egypt's Al-Sisi discusses economic indicators, forex reserves with PM, CBE Governor
According to a presidential spokesperson, the meeting addressed macroeconomic trends, government initiatives to bolster the banking sector, and strategies for strengthening the nation's foreign exchange reserves. Discussions also covered ensuring the continued availability of sufficient foreign currency and ongoing efforts to reduce inflation.
Ambassador Mohamed El-Shennawy, the presidential spokesperson, elaborated that the meeting also examined various aspects of the Egyptian economy's performance. This included government efforts to ensure the successful and effective implementation of the economic development programme, insulating it from current regional and international challenges. Additionally, the talks focused on enhancing incentives to capitalise on available economic opportunities and empowering the private sector to drive economic growth, thereby attracting further investment inflows.
The spokesperson added that President Al-Sisi directed officials to continue intensive efforts to create a conducive environment for attracting more foreign investment and empowering the private sector. This involves developing an appropriate legislative and regulatory framework and launching incentive initiatives, all while maintaining the improvements observed in macroeconomic indicators to ensure the effective execution of development programmes.
Data from the Central Bank of Egypt revealed that foreign exchange reserves climbed to $48.144bn by the end of April from $47.757bn at the end of March. According to calculations by Daily News Egypt, the levels recorded at the end of April are the highest in decades.
Egypt's foreign exchange reserves are composed of the state's gold reserves, revenues from the Suez Canal, proceeds from Egyptian exports, and remittances from Egyptians working abroad.
The reserves had previously risen in March 2025 to $47.757bn, up from $47.394bn at the end of February.
© 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).
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