Parliamentarian Mohamed Abul Enein asserted that President Abdel Fattah El Sisi is laying down the foundations of a modern nation for all the coming generations, adding that the Egyptian economy is strong.
Governor of Egypt’s Central Bank Tarek Amer said the country will print new polymer LE 10 ($0.63) and LE 20 (1.27) banknotes as planned earlier starting next year, noting that they would are not meant to cancel the original paper money.
All indicators reflected the ability of the Egyptian state to cross the repercussions of the coronavirus in order to maintain the stability of its financial and monetary indicators according to the figures and data of the balance of payments for 2019/2020.
The initiative intends to support industry and agricultural manufacturing by securing loans at a declining 8-percent interest rate.
The foreign reserves have jumped by more than $30 billion, and the procedures implemented in the past years succeeded in increasing the bank balances abroad to reach $19 billion.
“That’s why CBE decided to set a limit for deposits and cash withdrawals for a temporary period in banks' branches.”
Amer indicated during a phone interview with a TV program that oil prices and the exchange of the dollar have recently fallen significantly at the global level.
According to Amer, this step was taken after waiving LE 5.4 billion in interest and loan payments.
Amer made his remarks after the parliament's economic committee approved in principle a government bill on a new law of the Central Bank of Egypt and the banking system.
The volume of international bond issuance put up by Egypt amounted to about $20 billion, in light of the developments recently witnessed by the economy, Amer said.
He pointed out that the government is currently implementing a large project to advance the industrial sector.
Previously, Capital Economics praised the success of Tarek Amer during his tenure as governor of the central bank, which will end on Nov. 26."His time at the helm of the CBE will be deemed a success."
At a press conference, Amer said the outlines of the bill were approved by the cabinet on Wednesday.
Amer stressed as well the need for providing a supportive environment, through backing entrepreneurs and promoting innovative projects, as well as strengthening the business climate.
Amer noted that the coordination between the government and the Central Bank was the main reason for the success of the economic reform program.
This came on the sidelines of the second edition of the FinTech Conference "Seamless North Africa 2019".
Amer stressed that Egypt is in no need of further IMF reform programs, given economic achievements realized by the country.
Current monetary policies adopted by the US have positively reflected on the performance of the national Egyptian economy, Amer noted.
Egypt hosts "Seamless North Africa 2019 conference” To discuss the latest trends and innovations in Financial Technology.
The to-be-floated stake will be 20 percent and might go up to 30 percent of the bank.