Sisi directs continued action to achieve monetary stability

President Abdel Fattah El Sisi on Sunday issued directives to proceed with measures aiming at improving economic indicators and achieving monetary stability.

Also, President Sisi asserted the importance of supporting social protection programs and small and medium-sized enterprises, which play a key role in reviving various economic sectors and creating jobs for youth. 

He made the remarks during a meeting with Governor of the Central Bank of Egypt (CBE) Tareq Amer, Presidential Spokesman Bassam Rady said. 

During the meeting, President Sisi and Amer reviewed the economic landscape and changes in the dollar exchange rate, Rady added. 

Egypt’s Balance of Payments (BOP) registered a large surplus during the first quarter of the fiscal year 2017/2018, compared to the same period of the past year, Amer said, attributing that to a decline in the deficit of the trade balance.

Moreover, the CBE’s governor pointed to a huge surplus in the balance of services and a great surge in remittances from Egyptians abroad, as well as an increase in foreign direct investments. 

Amer touched on the decline in monthly and annual inflation rates, believing these indicators reflect an improvement in Egypt’s economy. 

Egypt’s foreign currency reserves saw a considerable increase, Amer said, noting that Cairo is keen on meeting all its financial commitments on time. 

The CBE’s decision to lift a monthly cap on foreign currency deposits and withdrawals imposed on importers of non-essential goods comes as a result of the stability in the foreign exchange market in Egypt, Amer affirmed. 

At the end of the meeting, Amer posted Sisi on measures being taken to support small and medium-sized enterprises, especially in light of directives issued for banks to allocate 20 percent of their portfolios for those projects