Egypt's supply minister attends ICA treasury and AI conference

Supply Minister Sherif Farouk took part in the 49th annual conference of the Arab Association of Treasury and Markets Professionals, held in Egypt November 5–7.

• Farouk said the efficiency of Egypt's domestic trade system and its ability to secure citizens' needs depend on market stability and regular supply chains.
• He said those supply chains are affected by global economic and financial developments, international trade, exchange rates, and financing, shipping and import costs.
• Central Bank Governor Hassan Abdallah delivered the opening address on Friday, November 6, with Finance Minister Ahmed Kojok also attending.
• The conference, titled "Where Treasury, Markets, and AI Shape the Future," is expected to draw about 400 representatives of Arab and foreign banks.
• Central Bank Governor Hassan Abdallah said Egypt's foreign currency reserves reached a record $57.50 billion at the end of October.
• Abdallah said net foreign assets reached their highest level since 2011, with inflation falling.
• He reaffirmed the central bank's commitment to an inflation-targeting monetary policy and a flexible exchange rate.