Egypt: The Financial Crisis is Over and 2018 Will See a BoomSource: www.export-egypt.com 5/17/2017, Location: Africa |
|
|
|
|
 The financial crisis is over and 2018 will see a boom, said Governor of the Central Bank of Egypt Tarek Amer.
Amer pointed out that $46 billion has flown into the Egyptian market in the past six months, including $8 billion in investments from the top 150 world funds, $23 billion attracted by the banking system in Egypt and $15 billion from international financial institutions. Amer said in a press conference at the Cabinet that the current foreign reserves can cover the needs of the country for over seven months, stressing that there are no problems in foreign exchange and that the world’s largest investment funds have injected funds into Egypt. “We do not need to increase reserves. The banking system controls foreign exchange in Egypt and the economic sector can operate in a respectful manner away from seeking [foreign] currencies,” he said, stressing that the currency crisis has ended and will not return. Amer described the exchange rate as a “thermometer” for the performance of Egypt’s economy. He pointed out that the banking system is financing large projects, including a LE500 billion desalination project. The balance of payments was facing a $20 billion deficit last year, he said, adding that next year the deficit will be back to 2010 rates, equal to $4 billion. Amer pointed out that the change in exchange rates contributed to the improvement of some economic conditions, such as the decrease in imports in March and the increase in domestic production. |
|
|
Financials and Investment News in Egypt >> |
 |
|||||
|
Egypt >> 11/21/2024 - An International Monetary Fund (IMF) mission led by Ivanna Vladkova Hollar wrapped up in-person discussions with Egyptian authorities in Cairo regardi...
|
Egypt >> 11/21/2024 - The Engineering Export Council of Egypt (EEC) revealed that engineering industry exports increased by 25.6 percent from January to September, reaching...
|
|
Egypt >> 11/20/2024 - Prime Minister Dr. Mostafa Madbouly held a meeting this morning at the government headquarters in the New Administrative Capital with Mr. Chang Won Sa...
|
Egypt >> 11/20/2024 - Egyptian Prime Minister Moustafa Madbouly, with Mahmoud Esmat, Minister of Electricity and Renewable Energy Minister, and Sultan Al Jaber, UAE Ministe...
|
|
Egypt >> 11/20/2024 - Egypt and Australia have seen a significant surge in their bilateral trade relationship, with the trade volume increasing from $270 million in 2015 to...
|
Egypt >> 11/20/2024 - Egyptian Prime Minister Moustafa Madbouli chaired the Cabinet’s weekly meeting in the New Administrative Capital.
The Cabinet is set to add... |
| Egypt Oil & Gas 1 >> 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 | 60 | 61 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | 70 | 71 | 72 | 73 | 74 | 75 | 76 | 77 | 78 | 79 | 80 | 81 | 82 | 83 | 84 | 85 | 86 | 87 | 88 | 89 | 90 | |
