Egypt's President Abdel Fattah Al-Sisi met Central Bank Governor Hassan Abdalla on Saturday to review developments in the banking sector and monetary policy. Official data showed foreign reserves climbing to a historic high. The presidency highlighted continued financial stability and the resilience of the Central Bank of Egypt and the broader banking system.
The meeting examined the financial sector's performance in 2025, underscoring support for macroeconomic stability. Central Bank Governor Abdalla reported that net international reserves reached $52.6 billion in January 2026, the highest on record, up from $33.1 billion in August 2022. These reserves now cover about 6.9 months of merchandise imports, surpassing international adequacy benchmarks.
Net foreign assets in the banking sector hit $25.5 billion in December 2025, the highest since February 2020, driven by improvements in commercial banks' net foreign asset positions at $12.2 billion. Factors included a rebound in remittances from Egyptians abroad to record levels, higher tourism revenues, and increased foreign investment in Egyptian government debt instruments. Net foreign assets at the central bank rose to $15.1 billion in January 2026.
Officials also reviewed Egypt's improved sovereign credit outlook. Standard & Poor’s upgraded the long-term credit rating to B from B- with a stable outlook—the first upgrade in seven years—while Fitch Ratings affirmed the long-term foreign currency rating at B with a stable outlook.
Discussions covered progress in financial inclusion and accelerating digital transformation, as well as the central bank's corporate social responsibility initiatives in health and education. Al-Sisi emphasized sustaining efforts to contain inflation through targeted market oversight, ensuring essential goods availability, and maintaining price stability. He called for reinforcing financial stability and transparency, pursuing policies that support sustainable growth, and expanding incentives to attract investment while strengthening the private sector's role as an economic driver.