Business hub – cairo
Tariq Amer said that the exchange rate policy is flexible to face crises and challenges, and this is the secret of success so that we can face all circumstances and challenges, as we were able to prevent the currency shock from the economy during the Corona crisis, and then things returned to normal and Egypt was able to pay all its obligations and we crossed the crisis with stability and strength .
He stressed during the activities of the Union of Arab Banks Conference that international reserves are not sacred. We use them in crises. They are our soldiers to use for the benefit of the citizen. Therefore, in the first reform program, we were building cash reserves, which are like an insurance policy to protect the economy.
He said that the Central Bank pledges that the holder of the Egyptian pound in the medium term will be the winners, so we issued the 18% certificate and many families live on the return on these savings. foreign at 30%.
He said that the investments of the Egyptian banking sector reached 8 trillion pounds, and all data and indicators of the banking sector confirm its strength and resilience in the face of all crises and challenges.
He said that the Ukrainian war came after Corona, and caused a great price and inflation shock in the world. Some countries increased prices by 120 percent, and this did not happen to us. He said that the shock came due to the prices of food and energy commodities, and Egypt had large reserves of food commodities, as well as we diversified energy sources. Which protected Egypt with a great deal of energy crisis.
As for wheat, since 2017, Egypt has started expanding wheat cultivation and increasing our production, and this has helped mitigate the impact of the crisis and provide part of the needs of the local market.
He said that the Central Bank took quick measures to protect the country from rising global inflation and its impact on the local economy