CAIRO: Egypt’s central bank said on Tuesday it had repaid foreign investors in stocks and securities a total of $546 million, clearing a backlog that had built up amid a dollar shortage.
Foreign investors can buy stocks and treasuries in Egypt through a scheme set up to ensure they are able to repatriate their profits and investments in foreign currency.
The central bank said in its statement that the mechanism was still active, providing foreign currency liquidity to foreigners investing in government securities and stocks.
The mechanism only applies to investors who initially invested through the scheme. It was not clear whether the backlog had built up within the scheme or because investors were operating outside that system.