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Daily News Egypt
18 hours ago
- Business
- Daily News Egypt
Abdalla leads Egypt's delegation at G20 Finance Ministers & Central Bank Governors Meeting in South Africa
Hassan Abdalla, Governor of the Central Bank of Egypt (CBE), headed Egypt's delegation at the third G20 Finance Ministers and Central Bank Governors Meeting (FMCBG), hosted by South Africa on 17–18 July. The Egyptian delegation included Yasser Sobhi, Deputy Minister of Finance for Fiscal Policies; Menna Allah Farid, CBE Assistant Governor for External Relations; and Alaa Abdel Rahman, Advisor to the Minister of Finance for International Institutions. Abdalla participated in discussions covering macroeconomic developments, the global financial architecture, sustainable finance, Africa's development priorities, and issues relating to the financial sector and financial inclusion. During the sessions, Abdalla highlighted ongoing pressures on the global economy resulting from heightened geopolitical tensions and trade conflicts, stressing the urgent need for coordinated and balanced monetary and fiscal policies to preserve macroeconomic stability. He underscored the importance of anchoring inflation expectations and enhancing liquidity management as key foundations for building economic resilience. In this context, the Governor called for reforming and modernising multilateral financial institutions to improve their efficiency and responsiveness. He urged them to embrace innovative financial tools designed to attract private sector investment, including the reallocation of Special Drawing Rights (SDRs) to support development finance in lower-income and vulnerable countries. Abdalla also stressed the need for comprehensive reform of the global financial architecture, particularly to strengthen the voice and representation of African countries. He advocated for establishing a clear and transparent monitoring and follow-up framework to ensure that proposed reforms lead to tangible, sustainable outcomes. Addressing systemic risks, Abdalla drew attention to the rapid expansion of non-bank financial institutions and the gaps in existing regulatory frameworks. He warned that without effective oversight, these trends could undermine global financial stability, and he called for greater international coordination among regulators to mitigate potential risks. On debt sustainability, Abdalla emphasised the importance of stronger dialogue and cooperation among creditor and debtor nations, credit rating agencies, and international financial institutions to develop integrated and holistic debt management strategies. He advocated for extending the scope of the G20's 'Common Framework' for debt treatment to include middle-income countries that face comparable vulnerabilities. He also urged the adoption of innovative financing mechanisms to reduce debt burdens and support sustainable development. Further, Abdalla called for expanding access to concessional and blended finance for developing countries, stressing the need for nationally led frameworks that align external funding with domestic development priorities. He also highlighted the importance of harmonising environmental classifications across jurisdictions and developing risk-sharing tools to attract more sustainable and green investments. The Governor noted that many developing economies still face significant challenges, including persistent inflationary pressures, a shortage of green finance instruments, and limited flows of sustainable investment projects. He argued that addressing these challenges is essential for delivering on global climate and development commitments. In discussing Africa's development, Abdalla underlined the need to deepen local financial markets and broaden the adoption of advanced technologies—including artificial intelligence—to improve productivity and enhance the quality of financial services. He emphasised that public–private partnerships are critical to delivering strategic infrastructure projects, particularly those with cross-border dimensions that can advance regional integration and trade. Abdalla reiterated Egypt's support for the proposed programme to strengthen cooperation between the G20 and Africa in infrastructure, climate action, and technological innovation over the 2026–2030 period. He stressed that sustained collaboration between African economies and G20 members is vital to achieving shared development goals. Concluding his remarks, Abdalla reaffirmed that financial inclusion remains a cornerstone for fostering equitable and inclusive economic growth. He called for measures to expand non-financial services for small and medium-sized enterprises (SMEs), simplify know-your-customer (KYC) procedures to ease access to financial services, and create reliable, comprehensive databases. Additionally, he emphasised the importance of developing alternative credit assessment models to serve underserved populations while addressing potential bias and exclusion risks associated with artificial intelligence and digital tools. In parallel, Yasser Sobhi, Deputy Minister of Finance, took part in multiple sessions, including discussions on strengthening cooperation between the G20 and the 'Compact with Africa' initiative. This initiative aims to accelerate structural reforms, boost private sector participation, and attract higher flows of foreign direct investment to African and emerging economies. Sobhi also participated in sessions focusing on infrastructure investment and international taxation. Discussions highlighted the crucial role of the private sector in financing and executing infrastructure projects. Participants stressed the need to create a fair and balanced international tax system that reflects the interests of both developed and emerging economies, ultimately promoting tax justice and supporting sustainable revenue generation for developing countries. Menna Allah Farid, Assistant Governor for External Relations at the CBE, attended a session where the G20 African Experts Group presented its recommendations. She welcomed the experts' work to bring forward African perspectives on global economic issues and endorsed proposals to broaden the 'Common Framework' for debt treatment, mobilise additional development finance, optimise the use of Africa's natural and financial resources, and reassess credit rating methodologies that often disadvantage African countries. Farid called on the G20 to integrate these recommendations into its financial track agenda to ensure concrete benefits for the African continent. Looking ahead, the fifth G20 Deputy Finance Ministers and Deputy Central Bank Governors Meeting is scheduled for October 2025, alongside the fourth G20 Finance Ministers and Central Bank Governors Meeting. Both events will take place in Washington, D.C., on the sidelines of the IMF and World Bank annual meetings, where discussions will continue on global financial reform, sustainable finance, and inclusive growth strategies.
The Print
2 days ago
- Business
- The Print
Forex reserves drop by USD 3 bln to USD 696.672 bln
The reserves had touched an all-time high of USD 704.885 billion in end-September 2024. In the previous reporting week, the overall kitty had declined by USD 3.049 billion to USD 699.736 billion. Mumbai, Jul 18 (PTI) India's forex reserves dropped by USD 3.064 billion to USD 696.672 billion during the week ended July 11, the RBI said on Friday. During the week ended July 11, foreign currency assets, a major component of the reserves, dropped by USD 2.477 billion to USD 588.81 billion, the data released on Friday showed. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. Gold reserves declined by USD 498 million to USD 84.348 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were down by USD 66 million to USD 18.802 billion, the apex bank said. India's reserve position with the IMF declined by USD 24 million to USD 4.711 billion in the reporting week, the apex bank data showed. PTI AA HVA This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
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Business Standard
2 days ago
- Business
- Business Standard
India's forex reserves fall by $3 billion to $696.67 billion in July
India's forex reserves dropped by $3.064 billion to $696.672 billion during the week ended July 11, the RBI said on Friday. In the previous reporting week, the overall kitty had declined by $3.049 billion to $699.736 billion. The reserves had touched an all-time high of $704.885 billion in end-September 2024. During the week ended July 11, foreign currency assets, a major component of the reserves, dropped by $2.477 billion to $588.81 billion, the data released on Friday showed. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. Gold reserves declined by $498 million to $84.348 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were down by $66 million to $18.802 billion, the apex bank said. India's reserve position with the IMF declined by $24 million to $4.711 billion in the reporting week, the apex bank data showed.
India Gazette
12-07-2025
- Business
- India Gazette
India's forex reserves fall by $3.05 bn to $699.74 bn; Gold reserves rise by $342 mn
Mumbai (Maharashtra) [India], July 12 (ANI): India's foreign exchange reserves (forex) witnessed a slip of USD 3.049 billion to USD 699.736 billion for the week ending July 4 amid the uncertain global trade environment, official data released by the Reserve Bank of India showed. In the preceding week, the country's forex reserves registered an uptick of USD 4.8 billion to USD 702.78 billion. In the week ending July 4, according to the RBI data, the major component of the forex reserves, the foreign currency assets, slipped USD 3.537 billion to USD 591.287 billion. Contrary to the dip in the previous week, the Gold reserves witnessed an uptick of USD 342 million to $84.846 billion in the week ending July 4, data suggests. A significant constituent of the forex, the Special Drawing Rights (SDRs) witnessed an uptick of USD 39 million, while the Reserve position in the International Monetary Fund (IMF) was up by USD 107 million to USD 4.735 billion, the data of the central bank suggests. Central banks worldwide are increasingly accumulating safe-haven gold in their foreign exchange reserves kitty, and India is no exception. The share of gold maintained by the Reserve Bank of India (RBI) in its foreign exchange reserves has almost doubled since 2021, till recently. In 2023, India added around USD 58 billion to its foreign exchange reserves, contrasting with a cumulative decline of USD 71 billion in 2022. In 2024, the reserves rose by a little over USD 20 billion, touching an all-time high of USD 704.885 billion at the end of September 2024. India's foreign exchange reserves (Forex) are sufficient to meet 11 months of the country's imports and about 96 per cent of external debt, said Governor Sanjay Malhotra while announcing the outcome of the Monetary Policy Committee (MPC) decisions. The RBI governor expressed confidence, stating that India's external sector is resilient and key external sector vulnerability indicators are improving. Foreign exchange reserves, or FX reserves, are assets held by a nation's central bank or monetary authority, primarily in reserve currencies such as the US Dollar, with smaller portions in the Euro, Japanese Yen, and Pound Sterling. The RBI often intervenes by managing liquidity, including selling dollars, to prevent steep Rupee depreciation. The RBI strategically buys dollars when the Rupee is strong and sells when it weakens. (ANI)
The Print
11-07-2025
- Business
- The Print
Forex reserves drop by USD 3 bln to USD 699.736 bln
For the week ended July 4, foreign currency assets, a major component of the reserves, dropped by USD 3.537 billion to USD 591.287 billion, the data released on Friday showed. In the previous reporting week, the overall reserves had jumped by USD 4.849 billion to USD 702.784 billion. The reserves had touched an all-time high of USD 704.885 billion in end-September 2024. Mumbai, Jul 11 (PTI) India's forex reserves dropped by USD 3.049 billion to USD 699.736 billion in the week ended July 4, the RBI said on Friday. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. The gold reserves were up by USD 342 million to USD 84.846 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were up by USD 39 million to USD 18.868 billion, the apex bank said. India's reserve position with the IMF jumped by USD 107 million to USD 4.735 billion in the reporting week, the apex bank data showed. PTI AA HVA This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
