2023-07-15 22:41:22
It is known that the Central Bank of Egypt is the financial mind that manages the exchange markets, the banking sector, banks, debts and international agreements for borrowing, supervising all of this and ensuring that matters do not get out of control. The 21st century and its role in the battle to tame the dollar.. I wonder what will happen to the Central Bank and what will happen on August 17 that is coming, and how will the president’s decision make a difference
Last August 18, the presidency summoned the veteran banker, when Abdullah, to assume the position of acting governor of the Central Bank of Egypt for a year, and his selection came in light of the peak and brutality of the dollar and inflation crisis, the exit of $ 22 billion within days from the country, and a wave of high prices, the accumulation of goods in ports, and the scarcity of the required currency. The savagery of the parallel market for the dollar and a faltering agreement with the International Monetary Fund meant that the picture was very dark in front of any central bank governor in the world.
In fact, in the language of numbers, data, and economists, Abdullah estimated that he would fight on all these fronts at once and achieve great victories. In the end, it was estimated that they would bridle the US dollar, besiege the black market, solve the crisis of stockpiling goods, and provide the dollar for all companies, banks, and importers, under circumstances that any official who does not have a “heart” escapes from. A lion like Hassan Abdullah, and we all saw with our own eyes how the crisis gradually ebbed, and how the Central Bank was able to break the crisis into small parts and re-pass investment in the clogged arteries of the Egyptian economy.
In figures, the Central Bank was able to provide 32 billion dollars in just 5 months for the item of customs releases, and paid 11.9 billion dollars, debt service burdens owed by Egypt in the second half of 2022, and the rest of the debts of 2023, the cash reserve jumped to 34 billion and 806 million dollars in the latest statistics, The Central Bank is required to provide 8 billion dollars a month for the import bill of strategic and basic commodities. Keep in mind this month’s amount, and other numbers that the Central Bank was required to provide every day and at a time when the country was suffering from an unprecedented crisis.
On the 17th of August, which will officially end, the mandate of Hassan Abdullah, in the position of governor of the Central Bank, is the talk of all the employees of the bank now. Another decision, but most expectations say that it is going in the direction of granting a full and new mandate to Hassan Abdullah, given the size of the achievements that have been achieved, and this is what the language of numbers and data says, and it is sufficient that it was able to prevent any sudden collapse in the financial markets or banks.
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