Farid said in a news conference Thursday that foreign purchases amounted to LE 2.04 billion during the period from September 2014 to October 2016.
The Reuters poll of 13 economists put expected growth at an average of 5.2 percent for the 2018/19 fiscal year, below a government projection of 5.8 percent.
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Skyrocketing prices have led to practitioners buying cheaper devices and spare parts or manipulating the pulse width and duration.
HC also expects the interest rate to be decreased by 800 basis points during 2018/2019, with an average rate of inflation that amounts to 13 percent.
An International Monetary Fund (IMF) delegation will arrive in Cairo next week to review Egypt’s progress on economic reforms.
Egypt kept the customs dollars at its current rate of LE 16 to the dollar for the month of May.
Cash flow to banks in Egypt has increased since the exchange rate liberation to $80 billion.
On a monthly basis, inflation increased 1 percent in March to record 269.8 points.
The CBE has started auctions on the Variable Rate Deposits following the flotation of the Egyptian pound in November 2016 in a bid to curb inflation.
Egypt’s exports of engineering industries are expected to surge to $3.2 by the end of this year, up from $2.6 billion in 2017
The Central Bank of Egypt is expected to cut interest rates in today’s Monetary Policy Committee (MPC) meeting.
Egypt kept the customs dollars at its current rate of LE 16 to the dollar for April, the Ministry of Finance said Wednesday.
Tourist flows to Egypt will see an increase of 40-50 percent year-on-year in the 2018/19 season, Hamed el-Chiaty, Chairman of Travco Group said Saturday.
On a monthly basis, inflation increased 0.3 percent in February to record 267 points, compared to 266.3 points in January.
Egypt’s central bank issued Wednesday its biggest Egyptian Pound Variable Rate Deposit Auction since adopting such tool in November 2016.
Egypt’s inflation is predicted to drop to 10 to 13 percent by the end of the year, Finance Minister Amr el-Garhy said Saturday.
Foreigners have invested around $20.3 billion in Egyptian debt instruments since the Egyptian pound flotation in November 2016 and until February this year.
Egypt’s exports stood at $2.23 billion in November 2017, a source at Central Agency for Public Mobilization and Statistics said Wednesday.