Latest news with #HassanAbdalla
Daily News Egypt
a day ago
- Business
- Daily News Egypt
Union of Arab Banks names Hassan Abdalla ‘Governor of Year 2025'
Hassan Abdalla, Governor of the Central Bank of Egypt (CBE), has been named 'Governor of the Year 2025' by the Union of Arab Banks. The award was presented during a high-profile ceremony in Paris, on the sidelines of the Arab International Banking Summit, held under the patronage of French President Emmanuel Macron. The award recognises Abdalla's significant contributions to maintaining the stability of Egypt's banking sector, his prudent management of monetary policy, and his active support for economic reform. It also reflects the increasingly prominent status of the Egyptian banking system—both regionally and internationally—and its key role in advancing economic growth and supporting the goals of the 2030 Sustainable Development Agenda. The Union of Arab Banks bestows this honour annually on distinguished Arab banking leaders whose achievements have made a lasting impact on the banking sector at both national and regional levels. Abdalla was unanimously selected by the Union's Board of Directors, which includes representatives from 20 Arab countries, during its meeting in December last year. Headquartered in Beirut, the Union of Arab Banks operates as a key regional institution and is a member of the Higher Coordination Committee for Joint Arab Action within the League of Arab States. Its mission is to strengthen ties among Arab banks, foster cooperation, coordinate activities, and promote a shared Arab identity in the financial sector. The Union currently includes over 360 financial and banking institutions across 20 Arab countries, as well as in Europe, Africa, and Turkey. It also counts 16 Arab central banks as observers, alongside several national banking associations. The Union's influence on the regional and global stage has expanded in recent years. Since 2019, it has held special consultative status with the United Nations Economic and Social Council (ECOSOC) in New York and Geneva and serves as a supporting member of the United Nations Environment Programme Finance Initiative (UNEP FI) in Geneva.
Zawya
7 days ago
- Business
- Zawya
Egypt: Madbouly reviews fuel supply plans amid summer demands, regional tensions
Arab Finance: Prime Minister Mostafa Madbouly held a meeting to review Egypt's readiness to secure sufficient supplies of petroleum products and natural gas, particularly for the electricity sector, ahead of peak summer consumption and amid heightened regional tensions following the Israeli military operation in Iran, as per a statement. The meeting was attended by the Governor of the Central Bank of Egypt (CBE) Hassan Abdalla, the Minister of Electricity and Renewable Energy Mahmoud Esmat, and the Minister of Petroleum and Mineral Resources Karim Badawi. Madbouly confirmed that the government has a clear action plan to ensure uninterrupted fuel and gas supplies to all sectors, with a focus on meeting the rising demands of power generation during the summer. He stated that Egypt aims to have three floating storage and regasification units (FSRUs) operational by early July with a combined capacity of 2,250 million cubic feet per day, more than double last year's capacity. Plans are also underway to secure a fourth FSRU as a strategic reserve. He directed the Ministry of Petroleum to expedite the commissioning of the three FSRUs, referring to existing contracts for gas shipments and mazut fuel reserves as part of the broader strategy to stabilize the supply of petroleum products. Moreover, Esmat affirmed ongoing coordination with the Ministry of Petroleum to ensure adequate fuel supplies for power plants. As part of these efforts, Badawi conducted an inspection visit to the national control Center at GASCO to review the status of the national natural gas grid and assess its ability to meet summer electricity demand. During the visit, the officials reviewed operational plans, available gas volumes, and supply scenarios to maintain stable gas pressure and provide sufficient fuel for expected electricity loads. Esmat also met with electricity sector leaders to ensure grid stability, optimize fuel use, and direct distribution companies to maintain high alert levels and 24-hour monitoring in coordination with national and regional control centers. Meanwhile, Badawi reviewed current gas production and strategic stocks of gasoline, diesel, butane, and mazut. He also reported on the arrival of the third LNG regasification vessel at Ain Sokhna Port and confirmed that its integration into the national grid is underway. The vessel is a key addition to Egypt's regasification infrastructure, aimed at enhancing the flexibility and security of gas supply. The petroleum sector continues to monitor fuel availability in real time, working closely with the electricity sector to ensure sustained supply and prevent service disruptions. The minister stressed the importance of maintaining a robust strategic stockpile of fuel during this period of regional uncertainty. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
21-05-2025
- Business
- Zawya
Egypt's Al-Sisi discusses economic indicators, forex reserves with PM, CBE Governor
Egypt's President Abdel Fattah Al-Sisi met with Prime Minister Mostafa Madbouly and Central Bank Governor Hassan Abdalla on Tuesday to review key economic indicators. According to a presidential spokesperson, the meeting addressed macroeconomic trends, government initiatives to bolster the banking sector, and strategies for strengthening the nation's foreign exchange reserves. Discussions also covered ensuring the continued availability of sufficient foreign currency and ongoing efforts to reduce inflation. Ambassador Mohamed El-Shennawy, the presidential spokesperson, elaborated that the meeting also examined various aspects of the Egyptian economy's performance. This included government efforts to ensure the successful and effective implementation of the economic development programme, insulating it from current regional and international challenges. Additionally, the talks focused on enhancing incentives to capitalise on available economic opportunities and empowering the private sector to drive economic growth, thereby attracting further investment inflows. The spokesperson added that President Al-Sisi directed officials to continue intensive efforts to create a conducive environment for attracting more foreign investment and empowering the private sector. This involves developing an appropriate legislative and regulatory framework and launching incentive initiatives, all while maintaining the improvements observed in macroeconomic indicators to ensure the effective execution of development programmes. Data from the Central Bank of Egypt revealed that foreign exchange reserves climbed to $48.144bn by the end of April from $47.757bn at the end of March. According to calculations by Daily News Egypt, the levels recorded at the end of April are the highest in decades. Egypt's foreign exchange reserves are composed of the state's gold reserves, revenues from the Suez Canal, proceeds from Egyptian exports, and remittances from Egyptians working abroad. The reserves had previously risen in March 2025 to $47.757bn, up from $47.394bn at the end of February. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
Daily News Egypt
19-05-2025
- Business
- Daily News Egypt
Egypt's balanced monetary policy, flexible exchange rate boost resilience: IMF's Clarke
Nigel Clarke, Deputy Managing Director of the International Monetary Fund (IMF), stated that the Central Bank of Egypt's (CBE) balanced monetary policy and adoption of a flexible exchange rate have enhanced the Egyptian economy's ability to withstand external fluctuations. His remarks followed a Monday meeting with Hassan Abdalla, Governor of the Central Bank of Egypt, where they discussed ways to support and strengthen cooperation and monitor developments in Egypt's economic reform programme. Clarke affirmed in statements after the meeting that the discussions 'represented an important opportunity to reaffirm the strength and solidity of the partnership between the International Monetary Fund and Egypt.' In a post on the X platform, he added, 'We discussed ways to enhance the resilience of the Egyptian economy in the face of external shocks, and we stressed the importance of continuing to implement policies that promote economic stability.' The IMF Deputy Managing Director indicated that 'the Central Bank of Egypt's adoption of a flexible exchange rate system, along with pursuing a balanced monetary policy, has had a direct positive impact on strengthening the Egyptian economy's ability to cope with global fluctuations, curb inflation, and increase remittances from Egyptians working abroad, reflecting the state's commitment to effective and sustainable economic reforms.' He also noted that Egypt has made 'notable progress' on inflation and remittances from Egyptians abroad. The meeting included a comprehensive review of positive developments in macroeconomic indicators, against the backdrop of the state's efforts within the national economic reform programme, which receives technical and financial support from the IMF. Discussions also touched upon measures taken to stimulate investment and increase foreign currency inflows, particularly through remittances from Egyptians working abroad, alongside ongoing coordination between the central bank and the government in addressing inflationary pressures and supporting a downward trend in prices. The visit of the IMF Deputy Managing Director to Egypt comes in the context of continuous follow-up on the implementation of joint cooperation programmes and to affirm the Fund's commitment to supporting the Egyptian state's efforts towards achieving comprehensive and sustainable economic growth.
Zawya
19-05-2025
- Business
- Zawya
Egypt, IMF discuss latest development on 5th EFF review
Arab Finance: The Egyptian government and the International Monetary Fund (IMF) are currently undergoing the fifth review of Egypt's Extended Fund Facility (EFF), following the conclusion of four previous reviews under the IMF program, Prime Minister Moustafa Madbouly revealed. In a meeting with the IMF delegation to Egypt, headed by Deputy Managing Director Nigel Clarke, the two sides discussed Egypt's economic reform program carried out by the government and the Central Bank of Egypt (CBE), in cooperation with the IMF. The meeting was attended by the CBE's Governor Hassan Abdalla, Minister of Finance, Minister Ahmed Kouchouk, and Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat, along with other officials. Madbouly highlighted that the Egyptian economy managed to be resilient and absorb external shocks over the past period. He indicated that Egypt's real gross domestic product (GDP) growth rate hit 3.9% in the first half (H1) of FY 2024/2025. Private sector investments increased by 80% during the period from July to December 2024, Madbouly said, adding that the volume of foreign direct investment (FDI) rose by 17%. Non-oil exports hiked by 33% during the first nine months of the year, contributing to achieving strong growth rates in production sectors, such as industry, information technology, and transportation, he pointed out. Madbouly also noted that inflation rates declined significantly to 13.9% in April, compared to more than 37% in the same month a year earlier. The budget deficit declined to 6.5% from 6.7% over the past 10 months, he mentioned, noting that Egypt aims to reduce the public debt to 85% of GDP by the end of June 2025 from 96% in June 2023. On his part, Clarke stressed that Egypt has made tangible and clear progress regarding its macroeconomic reform program. He stated that the Egyptian program has resulted in a strong reduction in inflation and unemployment rates, while foreign exchange reserves have jumped along with the availability and foreign currencies. Moreover, he depicted the increase in funding provided to the private sector as a direct response to the improvement and stability of macroeconomy. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
