The Presidency
Today, President Abdel Fattah El-Sisi met with Governor of the Central Bank of Egypt, the CBE, Mr. Hassan Abdallah.
Spokesman for the Presidency Ambassador Mohamed El-Shennawy said the meeting discussed several key areas pertinent to the performance of the Egyptian economy, as well as ongoing efforts to reduce inflation, boost dollar inflows, and secure foreign currency reserves. It also reviewed the impact of current regional conflicts and geopolitical tensions on inflation rates and the external balance.
President El-Sisi was briefed on the latest developments in Egypt’s economic situation and progress achieved under the economic reform program. Notably, the program’s prominent outcomes included reducing the inflation rate from its peak of 38% down to 11% prior to the current crisis in the region. Egypt’s net international reserves also reached a historic milestone of approximately $53 billion in April 2026, covering import needs for 6.3 months and equivalent to around 158% of short-term external debt.
During the meeting, Mr. Abdallah also addressed the repercussions of current regional conflicts and geopolitical tensions on inflation rates, the external balance, and capital flows. He emphasized the CBE’s commitment to maintaining a flexible exchange rate policy, thereby allowing the currency to absorb external shocks.
The CBE Governor also offered a detailed briefing on preparations underway for Egypt’s hosting of the 33rd Annual Meetings of the African Export-Import Bank (Afreximbank), which will be held under the auspices of the President in the city of El Alamein in June 2026.
Mr. Abdallah confirmed that Egypt’s hosting of this event reflects its steadfast commitment to supporting African economic integration, expanding trade, and achieving sustainable development, within the framework of the strategic partnership with the African Export-Import Bank.
President El-Sisi gave directives to accelerate the path toward fiscal sustainability, enhancing fiscal discipline, and improving the debt structure, thereby ensuring that greater resources are directed toward service sectors and efforts to enhance human development. The President also stressed the necessity for the Central Bank to remain committed to growing international reserves and containing inflation.
