Latest news with #HassanAbdullah
Middle East
a day ago
- Business
- Middle East
OPEN// PM says closely following up repercussions of Israel's attack on Iran
CAIRO, June 13 (MENA) - Prime Minister Moustafa Madbouli said Friday that he is closely monitoring the repercussions of the Israeli military operation against Iran. There is ongoing coordination between Governor of the Central Bank of Egypt Hassan Abdullah and Finance Minister Ahmed Kouchouk to bolster the strategic stockpile of essential goods. Madbouli further noted that a meeting will be held with the electricity and petroleum ministers to review scenarios regarding the repercussions of the military developments in the region. (MENA) R R N/
Egypt Today
a day ago
- Politics
- Egypt Today
Following Iranian-Israeli military escalation in the region, Egypt will increase strategic stockpile of key commodities
File- Prime Minister Mostafa Madbouly PM CAIRO – 13 June 2025: Following the Israeli military strikes against Iran on Friday, Egypt's Prime Minister Mostafa Madbouly affirmed that the situation is being closely monitored. The Prime Minister added that coordination is underway between Governor of the Central Bank of Egypt Hassan Abdullah and Minister of Finance and Ahmed Kouchouk to increase the strategic stockpile of key commodities. Madbouly also said that a meeting will be held with the Ministers of Electricity and Petroleum to assess potential scenarios and implications resulting from the military developments in the region. Egypt strongly condemned the military strikes carried out by the Israeli army against Iran in the early hours of June 13, 2025. 'These attacks represent a blatant and extremely dangerous escalation in the region, a clear violation of international law and the United Nations Charter, and a direct threat to both regional and international peace and security,' the Egyptian Ministry of Foreign Affairs stated. 'Egypt is following these rapid developments with deep concern and firmly denounces this unjustified act, which will only exacerbate the crisis and risks triggering a broader regional conflict. Such escalation could have unprecedented consequences for the region's security and stability, endangering its peoples and threatening to plunge the entire Middle East into widespread chaos,' the statement continued. Egypt reiterated its position that the crises facing the region cannot be resolved through military means, but rather through political and peaceful solutions. The Ministry stressed that the use of force will not bring security to any country, including Israel. True security, it emphasized, can only be achieved by respecting state sovereignty, preserving the unity and territorial integrity of nations, delivering justice, and ending the Israeli occupation of Arab lands. Israel has just carried out airstrikes on several Iranian cities, inclduing nuclear sites, in the early hours of June 13, 2025, killing dozens of Iranian nuclear scientists and military leaders. The Israeli army said in a statement on Friday that it luanhced a 'preemptive strike against Iran's Nuclear Program' with more than 200 Israeli Air Force fighter jets, operating with precise intelligence from the IDF Intelligence Directorate, conducted coordinated strikes on over 100 targets across Iran. Israeli media outlets reported that the Israeli operation against Iran could last for weeks amid Iranian threat of a severe retaliation. Iranian military leaders killed in the Israeli airstrikes include Chief of Staff of the Iranian Armed Forces Major General Mohammad Bagheri, Commander of the Khatam-al Anbiya Central Headquarters of the Iranian General Staff, Major General Gholam Ali Rashid. The Khatam al Anbiya Headquarters is a Unified Combatant Command Headquarters of the Iranian Armed Forces, operating under the direct command of the General Staff, is responsible for planning and coordinating joint military operations across all branches of Iran's armed forces. Also, Hossein Salami, the commander-in-chief of the Islamic Revolutionary Guard Corps (IRGC), was killed in the airstrikes. Besides killing civilians inlcuding women and children, six nuclear sceintists were killed in the israeli airstrike; Iran's semi-official Tasnim news agency reported on Friday that the scientists killed included Fereydoun Abbasi, former head of the Atomic Energy Organization of Iran, and Mohammad Mehdi Tehranchi, a prominent physicist and president of Islamic Azad University. Several world countries, inlcuding, Saudi Arabia, Qatar, Lebanon, and Oman- the broker of the US/Iranian talks on the Iranian nucleary program- condemned the Israeli attacks, saying these blatant attacks violate the interntaional laws. Additionally, several countries suspended their flights to and from Iran and Israel.
See - Sada Elbalad
30-04-2025
- Business
- See - Sada Elbalad
CBE Governor Meets Egyptian-Saudi Supreme Coordination Council SG. to Discuss Mutual Cooperation
Taarek Refaat Within the framework of the distinguished relations and historical ties between Egypt and the Kingdom of Saudi Arabia, Hassan Abdullah, Governor of the Central Bank of Egypt, received Mohammed Al-Tuwaijri, Secretary-General of the Egyptian-Saudi Coordination Council, and his accompanying delegation at the bank's headquarters, on the sidelines of his current visit to Cairo. The meeting was attended by Tarek El-Khouly, Deputy Governor of the Central Bank of Egypt, a number of bank leaders, and representatives of the Joint Coordination Council. At the beginning of the meeting, the Governor emphasized the deep-rooted fraternal relations and ties between the two countries in various fields, particularly in the economic and banking sectors. The meeting addressed a number of key topics and issues, with the aim of enhancing bilateral cooperation in the banking sector and consolidating partnership ties with the Central Bank of Egypt, thus contributing to advancing economic integration efforts between the two sides. It is worth noting that the Egyptian-Saudi Coordination Council aims to intensify communication and enhance cooperation between the two nations in various fields, with the aim of advancing and deepening bilateral relations. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Videos & Features Bouchra Dahlab Crowned Miss Arab World 2025 .. Reem Ganzoury Wins Miss Arab Africa Title (VIDEO) Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple
Middle East
29-04-2025
- Business
- Middle East
OPEN// PM confers with CBE governor on Egypt's current economic performance
CAIRO, April 28 ( MENA) - Prime Minister Mostafa Madbouly met with Governor of the Central Bank of Egypt (CBE) Hassan Abdullah as part of ongoing coordination and regular follow-up regarding Egypt's macroeconomic indicators, efforts to reduce inflation, and measures to increase foreign currency reserves. According to Cabinet spokesman Mohamed el Homosani, the meeting addressed several key topics related to Egypt's current economic performance. It also included a review of the global economic situation and challenges facing countries worldwide and the implications of these challenges on the macroeconomy. Additionally, discussions focused on ongoing efforts to further reduce inflation rates. The spokesperson further stated that the meeting also covered the government's efforts to ensure that the economic development program is not impacted by the current regional and international conditions, so as to preserve the achievements made by the national economy and maximize the benefits from available economic opportunities. The discussions also included the provision of opportunities and financing for the private sector to stimulate economic growth, attract more investment flows, and enhance the role of the private sector in economic activities. Additionally, the meeting addressed efforts to strengthen the country's foreign currency reserves to ensure the availability of essential materials for production and industry in priority sectors, thus contributing to sustainable economic growth in Egypt. During the meeting, the CBE governor called attention to his participation in the Spring Meetings of the Board of Governors of the International Monetary Fund (IMF) and the World Bank, held from April 21 to 26, 2025, in Washington, D.C. He presented a briefing on his meeting with the deputy managing director of the IMF, where they discussed areas of mutual cooperation and developments in Egypt's macroeconomic indicators and the economic reform program that Egypt is implementing in partnership with the IMF. He highlighted that the IMF official expressed appreciation for Egypt's management of its economic file amidst multiple external shocks and commended the Egyptian government's commitment to implementing economic reforms. (MENA) R E E/
See - Sada Elbalad
13-04-2025
- Business
- See - Sada Elbalad
CBE Governor: Egypt Follows Flexible Exchange Rate, Cannot Fix Currency
Taarek Refaat The governor of the Central Bank confirmed that Egypt is following a flexible exchange rate policy and cannot currently fix its currency. "Egypt cannot fix its exchange rate. It currently follows a flexible exchange rate policy governed by supply and demand, like global currencies," said Hassan Abdullah, Governor of the Central Bank of Egypt, in a speech at a dinner hosted by the Federation of Saudi Chambers of Commerce in Cairo on Saturday. In early March of last year, Egypt allowed the Egyptian pound to depreciate by approximately 40% to around 50 pounds against the dollar, in an attempt to halt a two-year crisis. It also decided to adopt a flexible exchange rate for the pound against foreign currencies based on market supply and demand. Hassan Abdullah said that Egypt's macroeconomic situation has "improved significantly compared to the past and is witnessing stability." He emphasized that the Egyptian sector "enjoys sufficient liquidity to ensure the provision of banking products and facilitate investment flows." Implementing a flexible exchange rate policy was one of the key conditions set by the International Monetary Fund (IMF) to increase the size of its financing program to the country from $3 billion to $8 billion to help it overcome a foreign exchange crisis. Egypt has already received four tranches of the financing program, the most recent of which was last month. Credit rating agencies have assigned a "positive" to "stable" outlook to the country's future rating, based on the economic reforms it has undertaken since March 2024. In its report issued yesterday, S&P Global Ratings said that Egypt "has implemented a series of reforms since liberalizing the exchange rate regime in March 2024. Over the past year, the foreign exchange market has been largely driven by market forces, supporting competitiveness and improving economic growth." It said that the Egyptian authorities' commitment to maintaining a market-determined exchange rate will support growth prospects and strengthen public finances during fiscal years 2025-2028. It emphasized that "increased exchange rate flexibility" would drive growth and fiscal revenues and help contain external pressures. Fitch, in its report also issued yesterday, said that Egypt "has maintained greater exchange rate flexibility since the devaluation of the official exchange rate in March 2024, with no significant foreign exchange demand buildup or mismatch with the parallel market rate." It noted that "measures to manage foreign exchange demand contribute to justifying the very low exchange rate volatility." Last November, an International Monetary Fund mission to Egypt reported that the Central Bank "reaffirmed its commitment to maintaining a flexible exchange rate regime" to protect the economy from external shocks, while praising the key reforms Egypt has implemented to maintain macroeconomic stability. The Fund noted that the unification of the exchange rate since last March has "eliminated the cumulative demand for foreign exchange and eased imports." read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Videos & Features Bouchra Dahlab Crowned Miss Arab World 2025 .. Reem Ganzoury Wins Miss Arab Africa Title (VIDEO) Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Arts & Culture Arwa Gouda Gets Married (Photos)
