Thanks to successful measures, banks now have surplus of dollars: official

CAIRO - 11 November 2017: Al Ahly Bank Deputy Chairman Yehia Abul Fotouh said thanks to successful measures adopted by the government, banks now have surplus of dollars that enabled them to finance various economic sectors.

Addressing an economic conference organized by Al Ahram Al Iktisaqi Magazine under the theme of "investment opportunities, growth and employment, "he said "the achievement realized over one year is unprecedented."

The recent economic reforms were an exigency for improving the business and investment climate.

He expressed optimism over the investment climate in Egypt in view of the recently issued legislations and decisions, topped by free-floating Egyptian pound.

Meanwhile, the deputy chairman of Banque Misr, Akef Maghrabi, cited international institutions' commendation of the Egyptian economy in view of implementing the economic reform program.

He said the state succeeded in managing the banking and government sector after foreign exchange liberalization.