Hassan Abdalla, Governor of the Central Bank of Egypt (CBE), said financial institutions now classify Egypt among the countries that apply a flexible exchange-rate regime. He added that his ambition, shared by his colleagues at the central bank, is to take a further step towards making the Egyptian pound legally convertible at the international level, so that it can be exchanged for other currencies outside Egypt and accounts in Egyptian pounds can be opened abroad.

Speaking at the Egypt Forum 2026, Abdalla explained that achieving this ambition requires a far from easy journey that, by his estimate, could take five years. He noted that work in this direction has already begun, and that completing it will require the combined efforts of the current leadership and those who take over responsibility after it.

The CBE governor stressed that the banking sector is a fundamental pillar of the economic system, underlining the importance of Egypt having a strong banking sector capable of absorbing shocks and meeting challenges.

He added that the Egyptian banking sector has so far proved its resilience and its ability to withstand the shocks it has faced, reflecting its soundness and its capacity to keep playing its role in the economy.