The Central Bank of Egypt (CBE) is seeking to reduce the inflation rate to 13% in mid 2018, its governor Tareq Amer announced on Thursday.

Speaking to reporters on the sidelines of the annual conference of the Union of Arab Banks that kicked off today in the Lebanese capital in the presence of Lebanese Prime Minister Saad al Hariri, Amer said the CBE, the Finance Ministry and the National Payments Council consider issuing a smart card for all forms of subsidy offered by the government.

All economic indicators suggest a significant improvement in the balance of payments, Amer added, asserting that Egypt's foreign currency reserves at the CBE reached a global rate.