Egyptian Prime Minister Dr. Mostafa Madbouli met with Central Bank Governor Hassan Abdallah to discuss the country's economic priorities. The meeting is part of regular coordination efforts between the government and the central bank to monitor key economic issues. The two officials reviewed several areas of cooperation, including preparations for a national economic transformation program. They also discussed measures to reduce inflation and boost foreign exchange reserves.
The meeting focused on the government's efforts to achieve financial and monetary stability. The prime minister and central bank governor examined the impact of recent measures to curb inflation and increase foreign exchange inflows. These efforts aim to ensure a stable supply of essential goods and maintain a comfortable level of foreign exchange reserves. The officials also reviewed the country's strategic stockpiles of various commodities.
The central bank recently announced a significant increase in remittances from Egyptians working abroad. During the first seven months of 2026, remittances rose by 28.1% to $29.7 billion, compared to $23.2 billion in the same period last year. This growth is a positive indicator for the Egyptian economy. Remittances have consistently been a vital source of foreign exchange for the country.
Remittances from Egyptians abroad continued to rise in July 2026, increasing by 20% to $4.5 billion. This is up from $3.8 billion in July 2025. The steady growth in remittances is expected to support the country's foreign exchange reserves. A stable supply of foreign exchange is crucial for importing essential goods and services.
The Egyptian government is working to enhance its economic transformation program. The program aims to address key economic challenges, including inflation and foreign exchange shortages. The government is coordinating with the central bank to implement policies that promote economic stability and growth.
The meeting between the prime minister and central bank governor highlights the government's commitment to economic stability. The two officials emphasized the importance of cooperation between the government and the central bank in addressing economic challenges. Their efforts aim to promote sustainable economic growth and improve living standards for Egyptians.
The Egyptian economy has faced several challenges in recent years, including high inflation and foreign exchange shortages. However, the government's efforts to address these issues appear to be yielding positive results. The increase in remittances and the government's economic transformation program are expected to support economic growth and stability.
Key points
- Egypt's prime minister and central bank governor discuss economic transformation program and measures to reduce inflation and boost foreign exchange reserves.
- Remittances from Egyptians working abroad rise by 28.1% to $29.7 billion during the first seven months of 2026.
- The Egyptian government aims to promote economic stability and growth through its economic transformation program.
