Egypt c.bank governor says pumped $22 billion to clear goods piled at ports
People and vehicles are seen caught in a traffic jam in front of the Central Bank of Egypt's headquarters in downtown Cairo, Egypt, December 21, 2015. REUTERS/Amr Abdallah Dalsh
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 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.

 

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