Egypt’s foreign currency reserves reach US$ 57.50 billion
The Governor of the Central Bank of Egypt (CBE), Hassan Abdallah, announced that the country’s foreign currency reserves have climbed to an all-time high – reaching US$ 57.50 billion by the end of October. He further noted that the banking sector’s net foreign assets have reached their highest level since 2011, coinciding with a decline … The post Egypt’s foreign currency reserves reach US$ 57.50…
Egypt's Governor of the Central Bank, Hassan Abdallah, declared on October's end that the nation has amassed an unprecedented US$ 57.50 billion in foreign currency reserves. This represents a record high and is accompanied by a notable surge in the banking sector's net foreign assets, which have not seen such strength since 2011. During his speech at the 49th Arab Union of Financial Markets Traders, Abdallah emphasized that Egypt's economy has been prospering despite facing global uncertainties.
Abdallah outlined the Central Bank's ongoing efforts to uphold financial stability and bolster the banking sector's resilience. This is achieved through transparency and a policy aimed at lowering inflation, while also adopting a flexible exchange rate determined by market forces. The CBE's strategy seeks to bolster the economy's resilience against external shocks and market volatility, leveraging the progress made through reforms initiated in 2024.
Addressing the importance of technological progress in tandem with human capital development, Abdallah highlighted the Central Bank's utilization of artificial intelligence, via its Data Science Center, to improve efficiency and economic analysis. He also urged the development of robust risk management strategies, improved governance, and fortified cybersecurity to counteract potential threats to financial stability and market disruptions.
Written by urgent.news from Egypt Independent's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
