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FinancialNews
18-06-19
USD200b currency flows reach Egyptian banking sector
(MENAFN) Egypt's banking sector enjoyed currency flows at a value of USD200 billion, with a purpose to encourage economic growth following tough challenges.
Governor of the Central Bank of Egypt (CBE) Tareq Amer stated: "Egypt has no need of a new program with the International Monetary Fund (IMF) following the end of the current economic reform program in June."
On the sidelines of the second edition of the FinTech Conference, the governor confirmed that the Egyptian government came up with measures aimed at reviving the economy.
Amer further added that hikes in foreign exchange profits caused the appreciation of the pound's value, with a jump in foreign investment and enhancement in payments balance contributing.
MENAFN1806201900450000ID1098650752
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