Egypt currently holds safe levels of foreign exchange reserves capable of securing strategic requirements for basic commodities, Prime Minister Mostafa Madbouly and Central Bank of Egypt (CBE) Governor Hassan Abdalla affirmed on Monday.
During a meeting at the government headquarters in New Alamein City to review priority economic files, the two officials emphasised their continuous coordination to further enhance the strategic stock of various essential goods. The talks focused on macroeconomic alignment between the government and the central bank, detailing joint efforts to reduce inflation rates, increase dollar inflows, and implement ongoing structural economic reforms.
Madbouly stressed the necessity of full alignment in preparing a national programme for economic transformation. He stated that this integrated vision reflects the state’s economic priorities for the coming period, ensuring that monetary, financial, and sectoral policies work together to achieve a tangible positive impact on the national economy.
Shifting to digital transformation, Abdalla announced during the session that the central bank’s board of directors has approved regulatory rules for a digital financial identity system, allowing for the electronic verification of bank customers.
The governor explained that the new regulations establish a comprehensive framework governing the system’s administration, the responsibilities of participating parties, and strict technical, operational, and cybersecurity requirements. The initiative aligns with the state’s broader vision to transition towards digital financial services and enhance overall financial inclusion while maintaining high security standards and international best practices.
