Egypt's Al-Sisi discusses economic indicators, forex reserves with PM, CBE Governor
Egypt's President Abdel Fattah Al-Sisi met with Prime Minister Mostafa Madbouly and Central Bank Governor Hassan Abdalla on Tuesday to review key economic indicators.
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).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
4 hours ago
- Zawya
President El-Sisi and the United Arab Emirates (UAE) President HH Sheikh Mohamed bin Zayed Meet in Abu Dhabi
Today, President of the United Arab Emirates and Ruler of Abu Dhabi, His Highness Sheikh Mohamed bin Zayed Al Nahyan, received President Abdel Fattah El-Sisi at Abu Dhabi International Airport. Following the reception ceremony, the two Presidents headed to Qasr Al Shatie, where they held a meeting. The two leaders focused on bilateral relations and explored avenues to strengthen ties in a manner that serves the interests and aspirations of the two countries and their brotherly peoples, particularly in the economic, trade, and investment spheres. Spokesman for the Presidency, Ambassador Mohamed El-Shennawy, said the meeting discussed regional developments and means of restoring security and stability in the Middle East. The two sides underscored the critical importance of an immediate ceasefire in the Gaza Strip and an exchange of hostages and detainees. For his part, His Highness Sheikh Mohamed bin Zayed lauded Egypt's unyielding efforts since the outbreak of the crisis, in mediating a ceasefire agreement in the Strip, protecting the people of Gaza and striving to alleviate their dire humanitarian suffering. The two leaders affirmed the imperative of delivering humanitarian aid to Gaza in adequate quantities and without impediments, to save the people of the Strip from the dire humanitarian catastrophe. They reiterated the urgency to continue efforts to realize the two-state solution as the only path towards enduring peace and comprehensive stability in the Middle East. The meeting also addressed the situations in Lebanon, Syria, Sudan, Libya, Yemen and Somalia as well as other regional developments. President El-Sisi and His Highness Sheikh Mohamed bin Zayed confirmed the paramount need to protect the security and sovereignty of these countries, thereby achieving their peoples' aspirations for stability and prosperity. Distributed by APO Group on behalf of Presidency of the Arab Republic of Egypt.
The National
7 hours ago
- The National
Dozens of charred bodies found buried in militia-controlled area of Libya, UN says
The UN human rights office on Wednesday raised alarm over 'gross human rights violations' in Libya after the discovery of dozens of bodies, some of them charred, that were buried and others left in hospital morgues in an area of Tripoli controlled by an armed militia. Volker Turk, the UN's high commissioner for human rights, said in a statement that he was 'shocked' by the discoveries at detention facilities run by the Stabilisation Support Authority (SSA), one of the western city's most powerful militant groups, whose commander, Abdel Ghani Al Kikli, died in clashes with rival militias in May. He said the discoveries confirm the long-standing findings by the UN Support Mission in Libya (Unsmil) and the former Independent Fact-Finding Mission, as well as various witness accounts regarding the existence of such sites and the extent of abuses committed, including torture and forced disappearances. The SSA has been accused of committing atrocities and crimes against humanity during the country's long-running conflict. 'Our worst-held fears are being confirmed: dozens of bodies have been discovered at these sites, along with the discovery of suspected instruments of torture and abuse, and potential evidence of extrajudicial killings,' Mr Turk said. His office said it had received information about the excavation of 10 burnt bodies at the SSA headquarters in Tripoli's Abu Salim district, as well as 67 more bodies found in refrigerators at two local hospitals. Mr Turk also said a burial site was discovered at the SSA-run Tripoli Zoo. The identities of the deceased remain unclear, he added. Mr Turk called on Libyan authorities to grant the UN access to the sites as part of its mandate to document human rights abuses and urged them to seal the area to preserve the evidence. He also noted continuing efforts to uphold the truce, facilitated by Unsmil, and reminded all parties of their obligations to respect international human rights and humanitarian law. Libya has been plagued by factional violence since the 2011 Nato-backed uprising against Muammar Qaddafi, with armed groups vying for power and control over territory. 'I call on all responsible political and security actors in the country to use their leadership and authority to protect and fulfil the human rights of all Libyans,' said Mr Turk. 'I further urge these actors and those with influence over them to redouble their efforts to end the recurring cycle of transitional arrangements and establish a full and inclusive democracy.'
Khaleej Times
8 hours ago
- Khaleej Times
Safe-haven gold rises on weaker dollar, simmering global uncertainty
Gold prices rose on Wednesday, buoyed by a softer dollar and persistent geopolitical tensions across multiple fronts, keeping investors alert amid a range-bound market awaiting fresh catalysts. Spot gold rose 0.9% to $3,381.32 an ounce, as of 10:43 a.m. ET (1143 GMT). U.S. gold futures were up at $3,406.80. The U.S. dollar index fell 0.5%, making gold cheaper for buyers holding other currencies. "There is considerable geopolitical uncertainty with Russia-Ukraine, Iran, Syria and China, driving people to buy gold. Market sentiment remains quite high, and although traders may not expect gold to rise as quickly, there is still plenty of upside," Daniel Pavilonis, senior market strategist at RJO Futures, said. Russia is concerned about rising tensions around Iran and the risk of the situation slipping into a full-scale confrontation, Russian Foreign Ministry spokeswoman Maria Zakharova said. However, "the market is just kind of sideways right now and we need some bigger signals, meaning an escalation geopolitically, that would open the path to buying more gold as an inflationary hedge," Pavilonis added. U.S. President Donald Trump on Wednesday said his Chinese counterpart Xi Jinping is tough and "extremely hard to make a deal with," just days after accusing China of violating an agreement to roll back tariffs and trade restrictions. In addition, Washington doubled tariffs on steel and aluminum imports and urged trading partners to submit their "best offers" to avoid more import levies starting in early July. Data on Wednesday showed U.S. private employers added the fewest workers in over two years in May, though this likely underrepresents the gradual easing amid uncertainty from the Trump administration's tariffs. All eyes now turn to Friday's U.S. non-farm payrolls report, expected to provide critical insight into the Federal Reserve's policy direction. Fed officials have maintained a cautious stance amid ongoing trade tensions and economic unpredictability. Gold, a safe-haven asset during times of political and economic uncertainty, tends to thrive in a low-interest-rate environment. Elsewhere, spot silver was steady at $34.50 an ounce, platinum rose 1.3% to $1,088.31 and palladium lost 0.9% to $1,000.94.
