Dr. Abdel Moneim El-Sayed, Director of the Cairo Center for Economic Studies, confirmed that the recent meeting of President Abdel Fattah El-Sisi to follow up on monetary and financial policies carried important messages about the strength of the Egyptian economy. He explained that foreign currency reserves exceeded $49 billion for the first time in Egypt’s history, covering the state’s needs for 7 to 8 months and boosting confidence in the economy.

He added in a phone interview with the program “Al-Sa’a 6” aired on Al-Hayat channel that inflation rates dropped to 13.9% during the past two months, while the Central Bank aims to reach a single-digit figure between 7 and 9%. He pointed to the importance of continuing to facilitate investment procedures and solving problems of stalled factories, noting that more than 13% of stopped factories have already been restarted.

El-Sayed expected that the upcoming Central Bank meeting would witness a reduction in interest rates ranging between 1 and 2%, in addition to a decline in the dollar price in the near future. He stressed that the expected impact of this is a tangible decrease in commodity prices, away from relying on temporary offers, with a vital role for the chambers of commerce and the Consumer Protection Agency in regulating the markets.