CBE gov.: Some $200B injected into Egyptian banking sector

CAIRO - 17 June 2019: Central Bank of Egypt (CBE) Governor Tarek Amer has said that some $200 billion have been injected into the Egyptian banking sector to support the country's economy since November 2016.

Speaking to reporters on the sidelines of the second edition of the FinTech Conference "Seamless North Africa 2019", Amer said Egypt has no need of a new program with the IMF following the end of the current economic reform program in June.

He added that the government has developed ambitious plans to bolster the country's economic situation.

Current monetary policies adopted by the US have positively reflected on the performance of the national Egyptian economy, Amer noted.

The appreciation of the Egyptian Pound value was driven by an increase in foreign exchange earnings and a surge in foreign investments, as well as the significant improvement in the balance of payments, Amer said.

Around 30-40 percent of Banque du Caire shares will be floated at the Egyptian Exchange by the end of 2019, the CBE governor revealed.

Also, Amer talked about the levels of external debt, which he said are within the agreed boundary as per the economic reform program.

Nearly LE 17 billion have so far been allocated for financing small and medium-sized enterprises in Egypt, he said.