Over the upcoming period, the Central Bank of Egypt (CBE) will issue a new exceptional offer to pump dollars in banks to meet import needs, according to CBE’s Governor Tarek Amer.
Amer met President Abdel Fattah Al-Sisi Wednesday to present the bank’s action plan in his new leadership over the upcoming period, according to presidency spokesperson Alaa Youssef.
The plan includes issuing a new exceptional offer to meet import demands and increase and activate in the supervision on local market tools, Youssef said.
Amer highlighted CBE’s repayment of all dues to foreign investors in the Egyptian Stock Exchange (EGX), which had a strong and positive impact on investors, as it inspires confidence in the Egyptian economy and contributes to the availability of liquidity in the market in the future.
Furthermore, Amer said he is keen to meet the required funds in vital sectors, whereby he pumped $1bn for importers last month and he plans to pump more dollar liquidity in the market this month.
Amer said the current foreign exchange reserves are reassuring and that the current situation is stable and will show further improvement.
Amer said he looks forward to working with the new members of CBE Coordinating Council. He also pointed out the importance of the council’s role in the development of Egypt’s monetary policy objectives.
