Egypt Independent

Sisi discusses developments of Egypt’s monetary reform program



 

Egyptian President Abdel Fattah al-Sisi on Sunday discussed the monetary reform program with Prime Minister Mostafa Madbouly and Governor of the Central Bank of Egypt (CBE) Tariq Amer.

Sisi stressed implementing the comprehensive economic reform program and the evaluation of measures on a regular basis to ensure the desired financial and economic objectives, in order to maintain continuous improvement in economic indicators and increase the international community’s confidence in the growth of Egypt’s economy.

The president ordered to continue all necessary measures to implement structural reforms aimed at maintaining monetary and banking stability, as well as coordination among all concerned bodies to reduce public debt and inflation.

Presidential spokesman Bassam Rady said that the meeting dealt with the most important developments of the monetary reform and foreign exchange flows to Egypt, which reached about US $163.5 billion during the past three years.

The meeting also discussed the increase in resources for Egyptian banks from $8.3 billion to $88.5 billion in the interim period since the decision to liberalize the exchange rate of the US dollar, despite the negative repercussions of globally emerging markets.

Rady added that the CBE Governor also reviewed developments for the establishment of a printing press for banknotes in the New Administrative Capital, as well as the expectations for the international financial markets during the new year.

The meeting further reviewed developments to the IMF’s program of economic reform in Egypt in the light of positive results from the recent visit of IMF experts to Cairo, including the commendation of the government’s strict commitment to implement the targeted reform measures according to schedule.

The fifth tranche of the IMF loan is expected to be delivered during January 2019.

Edited translation from Al-Masry Al-Youm