Ramy Abul-Naga, Deputy Governor of the Central Bank of Egypt, said that the Central Bank is successfully managing monetary policy at the present time amid the challenges facing the global economy, pointing out that the Egyptian government has supported infrastructure, roads, and silos for preserving grain and wheat in a way that supports the strength of facing the current challenges arising from The Russian-Ukrainian war and the continuing repercussions of the Corona pandemic.
In response to the “Seventh Day” question during a conference attended by representatives of the English business community and the Egyptian trade mission visiting London, the Deputy Governor of the Central Bank of Egypt added that the Egyptian government started the economic reform program in 2016 in cooperation with the International Monetary Fund, as the reform program supported the strength of the Egyptian economy To face the challenges of the global economy, he pointed out that Egypt continues to cooperate with the International Monetary Fund.
during the meeting
The Deputy Governor of the Central Bank of Egypt confirmed that the inflation target – the rise in the prices of goods and services – was within the range of 7% before the recent developments of the Ukrainian crisis, as it gradually decreased from 33% in July 2017 following the economic reform measures, stressing that the Central Bank is continuing with the procedures and tools that help In curbing inflation in Egypt, which is mainly caused by external factors resulting from international economic crises.
The Deputy Governor of the Central Bank of Egypt confirmed that Egypt has maintained a positive GDP growth rate despite the Corona pandemic and the Ukrainian crisis, expecting the Egyptian economy to grow by 5-6% in the medium term.
The Egyptian trade mission is holding several meetings in the British capital, London, within the framework of a visit organized by the British Egyptian Business Association, with the participation of a crowd of ministers, heads of companies, banks and businessmen. Extensive meetings are held with officials and heads of British companies to support investment and economic cooperation between Egypt and the United Kingdom.
Ramy Abul-Naga
The Egyptian mission’s meetings will be attended by Ambassador Sherif Kamel, Egypt’s ambassador to the United Kingdom, Gareth Bailey, British Ambassador in Cairo, Ayman Soliman, Executive Director of the Sovereign Fund of Egypt, Khaled Nassir, President of the British Egyptian Business Association BEBA, and Ayman Essam, Head of the Foreign and Legal Affairs Sector at Vodafone Egypt, Noha Saad, Head of External Communications and Media at Vodafone Egypt, Gamal Salah, Managing Director of POD, Helmy Ghazy, CEO and Head of Global Banking for HSBC Egypt, Nadia Lamloum, Executive Director of the Egyptian British Business Association, and a host of heads and boards of directors Companies operating in several economic sectors, and a group of business leaders.
