Central Bank (CBE) Governor, Tarek Amer, spoke at a conference yesterday, his first appearance since returning from Germany after his surgery. Amer said that Egypt is due to receive the second USD0.5bn tranche of AFDB loan within the coming two weeks, stressing that that Egypt is confidently able to meet its external debt obligations in 2017 and 2018 given the stable inflow of foreign currency and strong reserve position. “The reserve balance is now strong and is continuously rising”. Deposits from the Gulf to the CBE have fallen to a record-low USD2bn during 2016, from cUSD31bn between 2011 and 2015, and “this fall has affected indeed the CBE’s foreign currency liquidity”. Amer said that the banking system availed USD30bn during the past five months, including USD24bn to finance external trade since the pound was floated in November. The CBE managed to clear cUSD5bn in imported goods that had been held in ports, he said.
This website uses cookies to make the site work, to understand if the site is working well, how it is being used, to connect to social media sites (such as Facebook and Twitter) and to collect information useful to allow us and our partners to provide you with more relevant ads . Some cookies are essential to make the site work, but you can control how we use non-essential cookies at any time by clicking the “ON/OFF” button next to each category. For more information about the cookies used on this site, see Privacy Policy.
Decide which cookies you want to allow.
Strictly Necessary
These cookies are essential in order to enable you to move around our website and use its features, such as accessing secure areas of our website. Without these cookies, any services on our Site you wish to access cannot be provided.
Analytical/performance cookies
Visitors use our website, for instance which pages you go to most often, and if you get error messages from web pages.