The Ministers: The stability of the financial system contributed to fortifying the Egyptian economy against Coronavirus and its repercussions

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The Information and Decision Support Center released an infographic entitled “The stability of the financial system contributed to immunizing the economy against Corona and its repercussions,” which included a presentation of the main points of the Financial Stability Report for the year 2019, issued by the Central Bank of Egypt.

The report emphasized that the stability of the financial system and the improvement in economic performance have contributed to immunizing the Egyptian economy against the unrest associated with the repercussions of the Corona pandemic.

He said that the Central Bank has taken several proactive measures to address the pandemic, represented by reducing basic interest rates and launching several initiatives aimed at maintaining levels of domestic production and keeping unemployment rates low, which was reflected in the decline in the unemployment rate in Egypt in the third quarter of 2020 to 7.3% Which is the lowest rate historically, compared to 9.6% in the second quarter of the same year.

Among the most prominent initiatives launched by the bank were: An initiative to support private sector companies with industrial activity at an amount of 100 billion pounds, and a real estate financing initiative for middle-income groups at 50 billion pounds.

Egypt also offered international bonds worth $ 5 billion in May 2020, and Egypt’s net foreign reserves reached $ 39.2 billion in November 2020, and the central bank targets an average of 7% for the inflation rate in the fourth quarter of 2022, compared to 9% in the same period in 2020.

It is reported that the Central Bank is working to implement a strategy in the field of the financial technology industry with the aim of transforming Egypt into a regional center for the financial technology industry in the Arab region and Africa, and the establishment of the computer emergency response center is being completed. Within the framework of implementing the strategy to enhance and develop cyber security in the banking sector.

The article “The Ministers”: The stability of the financial system contributed to immunizing the Egyptian economy against “Corona” and its repercussions, it was written in the Al-Borsa newspaper.