Cairo: President Abdel Fattah El-Sisi met on Tuesday, May 19, 2026, with the Governor of the Central Bank of Egypt (CBE), Mr. Hassan Abdallah. The meeting delved into essential aspects of Egypt's economic performance, focusing on efforts to curb inflation, increase dollar inflows, and secure foreign currency reserves. Discussions also encompassed the repercussions of regional conflicts and geopolitical tensions on inflation rates and the external balance.
According to State Information Service Egypt, President El-Sisi received an update on the latest developments in Egypt's economic situation and the progress made through the economic reform program. Notably, the program has successfully reduced the inflation rate from a peak of 38% to 11% before the onset of the current regional crisis. Furthermore, Egypt's net international reserves reached a record $53 billion in April 2026, covering import needs for 6.3 months and accounting for approximately 158% of short-term external debt.
During the meeting, Mr. Abdallah discussed the effects of ongoing regional conflicts and geopolitical tensions on inflation rates, the external balance, and capital flows. He reiterated the CBE's commitment to a flexible exchange rate policy, enabling the currency to absorb external shocks.
The CBE Governor also provided insights into the preparations for Egypt's hosting of the 33rd Annual Meetings of the African Export-Import Bank (Afreximbank), scheduled to take place in El Alamein in June 2026, under the auspices of the President. Mr. Abdallah highlighted that Egypt's hosting of this event signifies its dedication to supporting African economic integration, expanding trade, and achieving sustainable development within the strategic partnership framework with Afreximbank.
President El-Sisi instructed the acceleration of fiscal sustainability efforts, enhancement of fiscal discipline, and improvement of the debt structure, ensuring that more resources are allocated to service sectors and human development initiatives. The President also emphasized the Central Bank's role in growing international reserves and containing inflation.