Egyptian Central Bank Governor Hassan Abdalla ruled out the possibility of adopting a fixed exchange rate policy, citing the need for a major trade partner and large foreign reserves. Speaking during a meeting with a delegation of around 100 Saudi companies, Abdalla said the Central Bank of Egypt (CBE) currently follows an exchange rate regime similar to that of the pound sterling and the euro. He explained that this approach aims to increase flexibility and openness to global markets. Abdalla noted that the era of sharp dollar movements—ranging from 10 to 20 per cent—has ended. Future changes in the exchange rate, he said, would be limited to a range of 1 to 3 per cent, in line with supply and demand dynamics. He added that Egypt's banking sector is ready to begin practical cooperation with Saudi partners, with local banks prepared to offer competitive rates starting tomorrow. This, he said, would support joint investments and boost confidence in the Egyptian market, according to Al Arabiya. The CBE is also planning to establish a specialised wealth management division within the banking system, Abdalla revealed. The unit would offer advanced solutions tailored to the needs of both domestic and international investors—particularly from Saudi Arabia. Attribution: Amwal Al Ghad English Subediting: M. S. Salama
