The Governor of the Central Bank of Egypt (CBE), Hassan Abdallah, announced that the country’s foreign currency reserves have climbed to an all-time high – reaching US$ 57.50 billion by the end of October.

He further noted that the banking sector’s net foreign assets have reached their highest level since 2011, coinciding with a decline in inflation rates.

The CBE Governor highlighted these indicators during his participation in the 49th annual conference of the Arab Union of Financial Markets Traders, emphasizing that the Egyptian economy has achieved positive results despite unprecedented global challenges.

Abdallah explained that the CBE continues to work toward maintaining financial stability and strengthening the resilience of the banking sector.

This is being pursued through an approach rooted in transparency and a monetary policy framework aimed at lowering inflation rates, alongside a commitment to a flexible exchange rate regime determined by market mechanisms.

He added that this approach is intended to enhance the economy’s capacity to absorb external shocks and withstand volatility, while building upon the gains achieved through the reforms implemented in 2024.

Technological innovations

The CBE Governor emphasized the importance of balancing the adoption of technological innovation with investment in human capital, in order to support the future of the banking sector.

He noted that CBE has leveraged artificial intelligence technology—through its “Data Science Center”—to enhance operational efficiency and advance economic analysis.

Furthermore, he called on establishing robust risk management frameworks, strengthening sound governance, and solidifying cybersecurity systems to mitigate risks that could threaten the stability of the financial system or impact markets.

Edited translation from Al-Masry Al-Youm