Governor of the Central Bank of Egypt: Inflation Falls to 13% and the Overall Economy is Stable
The Governor of the Central Bank of Egypt, Hassan Abdalla, announced that the inflation rate in Egypt has decreased to 13%, indicating that the overall economic situation is witnessing a phase of stability and gradual recovery, supported by structural monetary and fiscal reforms.
Abdalla added that Egypt’s foreign exchange reserves have risen to $47 billion, while the external debt has declined, reflecting an improvement in key macroeconomic indicators and Egypt's ability to meet its international obligations.
These statements came during an official reception at Abdeen Palace, as part of the visit by a high-level delegation from the Federation of Saudi Chambers, headed by Hassan bin Mujib Al-Huwaizi, along with Chairman of the Saudi-Egyptian Business Council Bandar Al-Amri, and several Egyptian ministers and senior officials.
The governor emphasized the strength and resilience of Egypt’s banking sector, stating that it is well-positioned to support investors and provide a range of financial instruments. He also announced that competitive deposit rates would be offered to Saudi investors, as part of broader investment incentives aimed at attracting Gulf capital and deepening economic cooperation between the two nations.
For his part, Dr. Khaled Abdel Ghaffar, Deputy Prime Minister and Minister of Health and Population, stated that President Abdel Fattah El-Sisi has directed all relevant authorities to remove obstacles facing Saudi investments, and to ensure a more flexible and efficient business environment.
Dr. Abdel Ghaffar added that Egypt has enacted a series of legislative and regulatory reforms to improve the investment climate, noting that these reforms have significantly contributed to increasing investor confidence and capital inflows.
The visit of the Saudi delegation comes within the framework of enhancing economic cooperation between Cairo and Riyadh, coinciding with the approval of a bilateral investment promotion and protection agreement. The delegation includes over 100 prominent Saudi investors, along with members of the Saudi-Egyptian Business Council, with the aim of exploring promising investment opportunities in Egypt, especially in strategic sectors such as infrastructure, industry, tourism, and energy.
