Hassan Abdalla, Governor of the Central Bank of Egypt (CBE), stressed the importance of expanding the use of local currencies and increasing the volume of intra-regional trade conducted in African currencies, which would help reduce reliance on foreign currencies and strengthen financial ties among the continent's countries.

The governor noted that starting to settle part of trade exchanges in local currencies is a practical, gradual step towards this goal, supporting trade and investment flows between African countries.

Abdalla reviewed the positive results of the economic reforms undertaken by the Egyptian state, pointing to improvements in a number of economic and financial indicators, including the rise in Egypt's net foreign reserves to unprecedented levels and improved capital adequacy ratios at Egyptian banks.

He said these indicators reflect the strength and resilience of the Egyptian banking sector, support a stable business environment and improve the investment climate, while also strengthening banks' ability to keep financing economic activity and achieving sustainable development.