Egypt: Gov't Implements Financial Reform Program
Source: www.export-egypt.com 9/14/2017
Delivering a speech at the opening session of the international conference on financial inclusion in Sharm El Sheikh, Central Bank of Egypt (CBE) Governor Tareq Amer said that Egypt is pleased to host this important gathering which is held for the first time in the Middle East.
Amer Thanked President Abdel Fattah El Sisi for accepting the CBE's invitation to attend the conference which sends a clear message on the state’s conviction of the importance of allowing all social strata to use financial and banking services to achieve social and economic stability.
The event comes in perfect timing for sustainable development projects, he said.
He added that the conference ensued the Egyptian government's implementation of a wide-scale financial and monetary reform program which managed to restore financial and monetary stability, Amer added.
Despite previous challenges, the state and the CBE have managed to build several projects for the sake of providing financial services for all segments of the society, Amer asserted.
The CBE was keen to help achieve stability and confidence between the government and the society, Amer underlined.
The banking sector made a great change in its methodology during the past period through developing new and different ideas and models instead of previous stereotypes, Amer noted.
The big change in the organizational structures of Egyptian banks indicates that all banking services will be available for broad segments of the society, Amer confirmed.
The Egyptian pound’s flotation had a significant impact on the government’s economic reform program, Amer stressed.
The formation of the national council for payments under President Abdel Fattah El Sisi has made a big push for the sake of updating payment systems and merging informal sectors into the state’s economy, Amer said.
The governmental facilitation and the part played by the CBE in supporting the banking sector have achieved tangible results on the ground, Amer added.
The Egyptian pound’s flotation gave a major impetus for the Egyptian industry and helped the country’ economy recover, Amer asserted.
The banking sector adopted the principles of financial inclusion and will seek to spread them at the regional level, Amer said, asserting the CBE’s general policy has witnessed a great change.
He ascribed the monetary stability achieved during the past period to the high political support on how to deal with problems and challenges wisely and rationally.
At the end of his speech, Amer hailed the agreement signed between the National Council for Women (NCW) and the CBE.
The CBE is committed to offering training, educational and financing programs to give a greater opportunity for women, he noted.