CAIRO: Egypt’s Central Bank Governor Tarek Amer said on Saturday that devaluing the Egyptian pound had attracted foreign investment worth $500 million in treasury bills and that he had pumped $22 billion into the banking system to clear goods piled at ports.
Speaking in a pre-recorded interview aired on a local talk show late on Saturday, Amer also said: “There is no currency crisis, there is merely a crisis in managing the foreign exchange market, and we will roll out an alternative plan for managing the market in the next three months.”
“The decision wasn’t a devaluation, it was correcting the situation and we had planned for it in advance. Its advantages will outweigh its disadvantages,” he added.
Amer said Egypt would pay back a $1 billion debt owed to Qatar in July and also $800 million to Paris Club countries.