The Clap
CBE Governor Hassan Abdalla held a couple of meetings yesterday, one with Prime Minister Moustafa Madbouly, and the other with Egyptian banks’ CEOs.
What
Both meetings focused on ways & schemes to avail foreign currency
The meeting with the Prime Minister saw the continued exploration of ways to facilitate foreign currency & prioritize the country’s foreign reserves.
The other meeting saw Abdalla direct banking executives to come up with initiatives similar to this one, allowing for more flexibility when it comes to USD deposits, & exploring the tourism industry’s role in helping out with the USD crisis.
So what
The CBE is responsible for managing the country’s foreign reserves & making sure enough of it is available to cover at least the country’s necessary commodity imports.
Now what
Next steps include other ways to measure the EGP’s value rather than comparing it to the USD, such as measuring it against a basket of currencies.
