President Abdel-Fattah Al-Sisi met with Governor of the Central Bank of Egypt (CBE) Tarek Amer Tuesday.
Official spokesperson for the presidency Alaa Yousef said that Amer presented to Al-Sisi the programme that was developed in coordination with the government, aiming for macroeconomic stability by stimulating economic growth, increasing domestic production, and creating jobs.
During the meeting, Amer assured Al-Sisi that CBE was able to cover $8.3bn of accumulated goods import orders over the recent period to stabilise the market and secure its needs of staple goods.
Amer said the bank covered $1.6bn of existing credit facilities to importers to avoid the risk of exchange rate fluctuations, in addition to raising the value of the local currency by 2.6% to reduce speculation on currency operations.
He further pointed out that the foreign reserves are stabilising at $16.4bn.
Several measures have been taken to increase the foreign reserves as several agreements were concluded with international bodies, along with other measures that would contribute to limiting the excessive use of foreign exchange.
Amer presented, during his meeting with the president, the results of the first meeting of CBE’s Coordinating Council.
He explained the developments of the programme aiming for macroeconomic stability. The programme includes steps to reduce the state budget deficit to sustainable levels, maintain price stability, and reduce the trade deficit through the development of a strategy designed to increase domestic production.
Amer presented to Al-Sisi the CBE’s upcoming strategy, which includes taking further action to provide the necessary foreign exchange liquidity, as well as agreements with several other international bodies. This is in addition to offering products in foreign currency to foreign and Egyptian investors working abroad and guiding the banks to support the Egyptian industry and small enterprises.
According to a presidential statement, Al-Sisi highlighted the importance of adopting a catalysing approach for operations and investments and taking further action for the advancement of the Egyptian economy and the achievement of price stability and banking system security.
The president also emphasised the importance of communicating with investors from different economic sectors and determining perceptions and proposals for raising growth rates in all sectors during the upcoming phase, which will contribute to achieving comprehensive development.