News dalla rete ITA

5 Marzo 2018



Egypt's foreign exchange reserves exceeded 42.5 billion U.S. dollars by the end of February, the highest in the country's modern history, according the Central Bank of Egypt (CBE). At the end of January, the country's forex reserves exceeded 38.2 billion dollars from about 37 billion dollars a month before. The recent forex is attributed to the finance ministry's sale of international bonds of 4 billion dollars in February, according to Ehab al-Desouki, the head of the Economy Department of Cairo-based Sadat Academy. The forex rise is a good step that gives confidence in the Egyptian economy, helps it face pressures, and reassures the world economic community about its abilities. According to al-Desouki, Egypt has a lot of chances to improve its economic conditions, particularly after the approval of the new investment law that encourages business and facilitates investment. In order to boost economy, bolster forex reserves and deal with dollar shortage, Egypt started in late 2016 a strict three-year economic reform program including austerity measures, energy subsidy cuts and tax increases, in addition to currency floatation, which led to nationwide price hikes though. Egypt's reform program is encouraged by a 12-billion-dollar loan from the International Monetary Fund, half of which has already been delivered to the most populous Arab country. (ICE IL CAIRO)