Egypt’s foreign currency reserves reached a record $57.5 billion at the end of October, Central Bank Governor Hassan Abdalla said on Friday. He reaffirmed the bank’s commitment to a flexible exchange rate.
Speaking at a financial markets conference hosted by Egypt, Abdalla said the banking sector’s net foreign assets had also risen to their highest level since 2011, while inflation had declined, according to a central bank statement.
He said the bank remained committed to financial stability and a monetary policy aimed at reducing inflation, alongside a market-determined exchange rate designed to help the economy absorb external shocks.
Abdalla said the approach would build on gains from reforms introduced in 2024. Egypt has faced pressure from global economic uncertainty, geopolitical tensions and volatile capital flows.
The governor also said the central bank was using artificial intelligence to improve operations and economic analysis, but warned that wider adoption required strong risk management, governance and cybersecurity.
The three-day conference, held from November 5 to 7, brought together around 500 participants and official delegations from 40 countries, the statement said. Topics included sovereign debt, digital assets, investment opportunities and the use of artificial intelligence in banking and trading.
