Sunday 05/April/2026 – 07:58 AM
Sherif Sami, former head of the Financial Supervision Authority, confirmed that the long duration of war-related crises imposes challenges that are not time-bound on the economy, noting that the government dealt with these circumstances with proactive measures based on flexibility.
The current crisis is different from previous crises such as the Corona pandemic
Sami explained, during television statements, that the current crisis differs from previous crises such as the Corona pandemic, as there is no complete closure of activities, pointing to the continued work of vital sectors such as tourism and the Suez Canal traffic, in addition to the flows of remittances from Egyptians abroad, which contributed to supporting foreign exchange resources.
He pointed out that the government has tended to rationalize spending in a precautionary manner instead of resorting to more severe measures, while continuing to stimulate economic activity through financing initiatives, such as supporting the tourism sector and industrial projects with reduced interest, with the aim of keeping the wheel of the economy turning.
He stressed that the current financial indicators are healthy, explaining that there is no noticeable increase in default rates, whether among individuals or companies, which reflects the economy’s ability to cohesion in the face of challenges.
Regarding monetary policy, he pointed out that the Central Bank of Egypt preferred to wait to lower interest rates during its last meeting, despite the previous decline in inflation rates, in anticipation of possible increases in energy prices and their impact on inflation.
He added that the coming period may witness an improvement in economic indicators if the situation stabilizes, especially with the presence of investment deals and a government proposal program under implementation, stressing that the continuation of economic activity represents the most important factor in crossing the current stage.
