Egypt received plan from DR Congo to resume AU-sponsored GERD talks: FM Shoukry    Remittances from Egyptians abroad grow 13.2% in FY2020/21– central bank    Egypt's Dabaa nuclear plant: contribution to social and economic development    Hezbollah-organized fuel arrives in crisis-hit Lebanon    UN chief urges 'rapid' emission cuts to curb climate change    With foreign funds frozen, Afghan aid groups stuck in limbo    Cote d'Ivoire's Haller scores 4 goals as Ajax routs Sporting Lisbon in CL    Cairo welcomes UNSC presidential statement on GERD    Last-gasp Rodrygo goal sees Real Madrid beat Inter 1-0    Egypt's PM attends signing of ministerial agreement to implement WB-funded project to reduce air pollution in Greater Cairo    Egypt's new capital a gateway for Sinai Peninsula development – minister    Monetary Policy Committee of Egypt's CBE to review interest rates on Thursday    Egyptian expats' remittances hike to all-time high of $31.4 bln in FY 2020/21: CBE    Covid-19 vaccines prevent 125,000 deaths, 25 mln infections    Live score: Club Brugge v Paris Saint-Germain (UEFA Champions League)    Egypt records highest daily rise of coronavirus cases since mid-June    The Egyptian Mawlawiya troupe's concert at Al-Gumhouriya Theatre is a must go    Don't miss the AUC's webinar on Human Rights and the Built Environment Lifecycle    Development report launched    A cover for terror    Borhane Alaouié (1941-2021): The auteur's shadow    Jordan hosts energy meeting today to discuss transporting Egyptian gas to Lebanon    Russia permits airlines to resume flights from 49 cities to Egypt    Egypt's Abu Soma Development partners with KOMPASS Education    Sisi: coronavirus vaccines in Africa 'far less' than actual needs    Egypt gives emergency use approval for locally manufactured Sinovac/VACSERA COVID-19 vaccine    Egypt makes COVID-19 vaccination mandatory for all those aged over 18 in education sector    Orange Egypt Introduces Amazon Prime Video    Tokyo Olympics: Cautious opening ceremony, shy start for Egyptians in competitions    Mallawi Museum in Upper Egypt holds recycling workshop for children during Eid Al-Adha    Egypt keen on stable tax policies to attract more investors: Finance Minister    Sudan declares state of emergency as water goes beyond Merowe Dam capacity    Niagara Falls illuminated in Egyptian flag to mark 23 July Revolution anniversary    Capital flows into EM keep recovering after March 2020 slump: Central Bank of Egypt    1 child orphaned every 12 seconds due to COVID-19-associated death: World Bank    Egypt, Japanese Olympic Committee discuss boosting sports cooperation    Ethiopia ready to resume dam talks with no legally binding agreements: Ethiopian official    US emphasises AU's role in mediating Ethiopian damdispute    Sunken city of Thônis-Heracleion in Egypt's Abu Qir bay yields new archaeological treasures    New films, concerts, and destinations for Eid Al-Adha holidays    Egypt, Oman discuss enhancing bilateral economic, investment relations    Al Ahly v Kaizer Chiefs: Cairo giants eye 10th CAF Champions League title    Tunisia hopes to have a UN role in resolving Egypt-Ethiopia dam dispute    Egypt denounces Ethiopia's move to start second filling of giant dam    APO Group enters new exclusive agreement with Getty Images on African press releases and images    On International Museum Day, Egypt opens two new museums at Cairo Airport    Egypt's Ahly is establishing a new stadium, expected to be 'sports complex'    Old Cairo's Al-Fustat will be revamped on Egyptian President's directives    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

Egypt's Sisi urges developing banking sector performance, stabilising monetary performance
Published in Ahram Online on 31 - 07 - 2021

President Abdel-Fattah El-Sisi ordered on Saturday the continuous development of the banking sector's performance and urged working on maintaining policies aiming to stabilise the performance of the country's monetary sector.
The aim is to strengthen the state's efforts to face various challenges and the Central Bank's ability to finance various development initiatives, a presidential statement read, following a meeting between El-Sisi, Prime Minister Mostafa Madbouly, and Governor of the Egyptian Central Bank (CBE) Tarek Amer.
This includes initiatives allocated for individuals and low- and middle-income categories, as well as medium, small, and micro-sized companies. This is in addition to the mortgage initiatives.
The meeting addressed the CBE's efforts within the framework of economic and developmental activity through the banking and monetary work system, the statement read.
Amer reviewed with the president the country's economic position after a year and a half amid the coronavirus crisis, saying the Egyptian economy has shown cohesion and achieved great success during this period, which was reflected by the stability of governmental and private banking institutions.
This comes especially in light of the group of initiatives the CBE has introduced to ease the burden that citizens and companies shoulder.
The CBE's initiatives include postponing credit payments for six months on all credit entitlements and introducing investment certificates with high interest rates through the pandemic.
During the meeting, El-Sisi was briefed on samples of the new banknotes that are set to be released by November, the statement added.
Amer highlighted the CBE's success in managing foreign reserves during the pandemic, causing it to rise from $37 billion to $40.5 billion.
He also highlighted the success achieved by the second programme of cooperation between the government and the International Monetary Fund (IMF).
The IMF has praised the Egyptian government's performance and balanced and transparent economic management, Amer added.
The praise from the world's largest financial supervision institution has contributed to forming a good reputation for the Egyptian economy, Amer said, noting that this reputation increased foreign exchange flows during the first half of this year to around $5 billion.
The IMF said in a report published last week that the economic and social impact of the coronavirus pandemic over the past year had been well-managed by the Egyptian authorities.
"Timely and prudent fiscal and monetary easing shielded the economy from the full brunt of the crisis, while alleviating the health and social impact of the shock," the report said, adding that the economic policies adopted had helped to deliver macroeconomic stabilisation, safeguard debt sustainability, and preserve investor confidence.

Clic here to read the story from its source.