CBE Governor Tarek Amer - Press photo CBE Governor Tarek Amer - Press photo

More than $100B pumped in Egypt’s economy since float: CBE Governor

Tue, Feb. 6, 2018
CAIRO – 6 February 2018: More than $100 billion have been pumped into the Egyptian economy since the flotation of the pound in November 2016, Central Bank of Egypt’s (CBE) Governor Tarek Amer said Tuesday.

This came on the sidelines of his participation in "Seamless North Africa FinTech" Conference, which kicked off in Cairo Tuesday.

Since the float, Egypt’s economic indicators have gradually started to improve.

Egypt’s foreign reserves rose by some $18 billion in 14 months, or since the country floated its currency in November 2016, to record $37 billion in December 2017, compared to only $19 billion in October 2016, CBE data showed.

The reserves registered in January the biggest month-on-month jump since July last year as the country pushed forward with economic reforms aimed at boosting growth.

Foreign reserves rose to $38.209 billion at the end of January from $37.020 billion at the end of December, the CBE said this week.

Egypt has embarked on a bold economic reform program in 2014 that included cutting energy subsidies and introducing new taxes, with the aim of trimming the budget deficit.

The country’s foreign reserves have been increasing since it clinched a $12 billion three-year loan from the International Monetary Fund (IMF) in November 2016, restoring confidence in the Egyptian market.

Reserves were only $19.041 billion at the end of October 2016, just before Egypt floated its local currency in November, which was a milestone in the IMF-backed economic reform program.
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