President Abdel Fattah El Sisi called on Tuesday 7/6/2016 for continuing efforts to provide foreign currency to meet the needs of citizens in the Egyptian markets.
Sisi made his call during his meeting with Governor of the Central Bank of Egypt (CBE) Tarek Amer.
At the meeting, Amer reviewed the CBE’s efforts that led to the increase of the cash reserve by more than one billion dollars during the past months.
“The CBE’s policy is aimed at supporting the cash reserve to maintain the monetary stability in Egypt,” Amer stressed.
He pointed to a recent decision to cancel a cap on foreign currency deposit, which helped increase the Egyptian banks’ deposits tenfold while the economy has become more competitive in the foreign trade.
He also gave a presentation on the current measures to provide the foreign currencies to import medicine and its components and meet all needs of fuel and gas.
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“All banks in Egypt managed, in cooperation with the CBE, to offer 33.7 billion dollars for imports to meet the needs of the Egyptian markets during the period from November 2015 to April 2016,” he pointed out.
“The CBE has funneled about 15.694 billion dollars in exceptional and weekly bids,” he added.
Credit: All Africa