Egypt's central bank keen to spare society shock of exchange rates by using foreign reserves

CAIRO - 16 June 2022: The Central Bank of Egypt (CBE) was keen to spare society the shock of exchange rates by using foreign exchange reserves, according to the Governor of the Central Bank of Egypt (CBE), Tarek Amer.

 

He added, during the session on how central banks in African countries faced successive crises, starting with the Corona pandemic and the Russian-Ukrainian war until now, that the Egyptian banking sector has pumped huge liquidity to the private sector and individuals to maintain job opportunities.

 

Amer stressed that the Egyptian state is able to overcome challenges thanks to economic reform programmes.

 

He pointed out that the monetary policy officials in African countries need to take bold and decisive decisions to confront the emerging and successive challenges, confront inflation and provide job opportunities.

 

The Governor of the CBE added that the turmoil the world is currently witnessing puts difficulty on the shoulders of the monetary and financial authorities in African countries.

 

Amer stressed that the Egyptian banking sector continues to support the economy by providing the liquidity that all sectors need, pointing out that its role was not limited to that only, but rather supports the state in various aspects, and there is no evidence for this in the sector’s provision of about 250 martyrs during the Coronavirus pandemic.