Egyptian President Abdel Fattah El-Sisi met the prime minister and the central bank governor to review efforts to curb inflation and increase dollar inflows, as foreign reserves reached a record $57.5bn.
The meeting with Prime Minister Moustafa Madbouly and Central Bank of Egypt (CBE) governor Hassan Abdallah reviewed the performance of the economy and the next phase of economic reforms, presidential spokesman Mohamed El-Shennawy said in a statement from the Egyptian Presidency.
How high are Egypt’s foreign reserves?
Abdallah said net international reserves had reached an all-time high of $57.50bn at the end of October, and that net foreign assets in the banking sector were at their highest level since 2011. The central bank’s provisional data, published on November 5, put reserves at $57.5bn, up from about $57.35bn a month earlier and about $50.1bn a year before, marking a tenth consecutive monthly rise.
The governor said the bank remained committed to financial stability, a strategy built on transparency and lower inflation, and a flexible exchange rate determined by the market. That regime has underpinned Egypt’s IMF programme since the pound’s devaluation in 2024.
Sisi called for reserves to be kept at levels that can secure imports of essential commodities, through continued coordination between the government and the central bank, according to the statement.
What else did the central bank announce?
The CBE’s board has approved a regulatory framework for a Digital Financial Identity system, part of its push for digital banking and wider financial inclusion, Abdallah said. Sisi directed officials to build risk-management frameworks, improve governance and strengthen cyber security to protect the stability of the financial system, the presidency said.
The president also told officials to balance keeping pace with new financial technology against investment in the skills of banking staff, describing both as central to the future of the sector, according to the statement.
What does this mean for Egypt’s economy?
Record reserves give Cairo a larger buffer against shocks to its main sources of foreign currency, including Suez Canal revenue, tourism and remittances. Inflation has eased from its 2023 peak, though central banks across Africa have kept rates high as currency risks persist, and price pressures in Egypt remain a priority for policymakers.
The statement did not give new inflation targets or details of the reforms discussed.
FAQ
What are Egypt’s foreign reserves?
Egypt’s net international reserves reached a record $57.5bn at the end of October 2026, according to provisional Central Bank of Egypt data.
Who is the governor of the Central Bank of Egypt?
Hassan Abdallah is governor of the Central Bank of Egypt.
What is Egypt’s Digital Financial Identity system?
It is a digital identity system for financial services. The central bank’s board has approved the regulatory framework that will govern it.
