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Elham AbolFateh

Egypt

Sisi directs improvement of economic indicators

Sunday 17/December/2017 - 03:26 PM
Sada El Balad
Hassanein Tayea
President Abdel Fattah al-Sisi meet  this morning Tarik Amer، governor of the Central Bank of Egypt (CBE).

Ambassador Bassam Radi، spokesman for the Presidency، said that the meeting tackled the current economic situation and developments in the exchange rate. 

During the meeting، the CBE governor reviewed the overall performance of the Egyptian economy، pointing out that Egypt’s balance of payments witnessed a significant increase during the first quarter of 2017- 2018 fiscal year، compared to the same period last year.

He added that this increase was due to the decline in the trade balance deficit، growing surplus in the balance of services and the high volume of remittances from Egyptian expatriates، as well as the high revenues of net foreign direct investments in Egypt.

Tarik Amer pointed out to the decline in the monthly and annual rates of inflation، stressing that all these high indicators confirm that the Egyptian economy is on the right track.

The Spokesman added that the CBE governor also pointed out to the rise in the net cash reserves of foreign currencies، especially in light of Egypt’s commitments to pay all its international dues on time.

Amer added that the decision of the CBE to cancel the maximum limits for deposit and cash withdrawal in foreign currency، for non-staples، came in light of confidence and stability witnessed by the foreign exchange market in Egypt.

Amer also said that the Executive Board of the International Monetary Fund (IMF) is due to meet soon to discuss the disbursement of the third tranche hitting $ 2 billion loan to Egypt.

Amer also outlined the measures being taken to support Small and Medium-sized Enterprises as part of banks intention to allocate 20% of their portfolios to support small and medium enterprises.

During the meeting، President Al-Sisi directed the continuation of measures that would improve economic indicators and maintain monetary stability.

He pointed out to the importance of providing necessary funds to strengthen social protection systems as well as supporting small and medium enterprises، taking into account their important contribution to the promotion of various economic sectors and providing Job opportunities for young people.

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