Total dollar flows to Egypt hit $200B in 4 years: Tarek Amer

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Sun, 08 Dec 2019 - 02:06 GMT

FILE - Tarek Amer

FILE - Tarek Amer

CAIRO - 8 December 2019: Total dollar flows to Egypt reached $200 billion during the past 4 years thanks to the success of the financial and monetary policy program implemented by the State, Central Bank of Egypt's Governor Tarek Amer said Sunday.

Amer added in his speech at the Arab Banking Conference that the financial policy program achieved great positive results that crystallized in the stability of the monetary market and the decline in inflation, referring to the issuance of bonds of periods of up to 40 years.

He pointed out that the government is currently implementing a large project to advance the industrial sector.

"We hope the government will continue to support this important sector and will provide more tax incentives to the industrial sector," he added, noting that the CBE takes initiatives that support the industrial sector very seriously.

Amer stressed that consensus of the political leadership enabled us to overcome the financial crisis that Egypt suffered from years ago, stressing that political events in the region affect all economies because there are clear links between them.

"What happened in Egypt after 2011 reflected negatively on the economy and its indicators, as it led to the flight of investors, the disruption of financial markets and the rise in inflation rates," he stated, adding that the budget deficit jumped more than 16 percent.

Furthermore, CBE’s governor emphasized the importance of dealing with a flexible monetary policy and allowing capital movements because narrowing has negative consequences, including flight of funds.

The Annual Arab Banking Conference for 2019 kicked off on Sunday in Cairo under the theme of “Implications of the Political Fluctuations on Banking.”

The two-day conference - organized by the Union of Arab Banks - will tackle a host of topics, including reforms needed to achieve economic and social security, the role of government policies in promoting financial markets, implications of political fluctuations on banking, the impact of the international regulations’ pressures on traditional banking, and the 4th Industrial Revolution and the changes in banking resulting from financial technology.

It is worth mentioning that the term of Egypt’s Central Bank Governor Tarek Amer has been renewed atthe end of November. According to CBE law, the term of CBE governor can be renewed once to extend for additional 4 years. The new term will end in 2023.

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