Egypt owes $46 billion in foreign debt: CBE
Governor of the Central Bank of Egypt Hisham Ramez - YOUM7 (Archive)

CAIRO: Egypt’s external debt is valued at approximately $46 billion, Governor of the Central Bank of Egypt (CBE) Hisham Ramez announced during a meeting with Prime Minister Ibrahim Mahlab Monday.

The banks operating in the Egyptian market have strong budgets, making them capable of contributing to the economic growth, Ramez said. “The coming period is expected to witness a great leap,” he added.

During the meeting, Ramez and Mahlab discussed the issue of soaring prices witnessed recently. Ramez stressed the need to provide food commodities, and both officials agreed on the necessity of promoting the role of consumer complexes, according to a statement released Monday.

Egypt’s foreign reserve as of the end of February are to be announced within a few days, said CBE’s governor. “The foreign reserve is generally assuring and is expected to edge up, despite using great quantities of it in the past period,” he added.

Originally published in Youm7.

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