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Egypt’s foreign exchange inflows hit $150bn since November 2016

Washington, DC- Foreign exchange flows received by the Central Bank of Egypt (CBE) since the flotation of the Egyptian pound since 3 November 2016 exceeded EGP 150bn, Governor of the CBE Tarek Amer said on Friday. Amer added in an exclusive statement to Daily News Egypt on the sidelines of the International Monetary Fund’s (IMF) …

Shaimaa Al-Aees

FX is not only indicator for assessing economy: Arqam Capital

Most of the foreign exchange (FX) flows to banks are being directed to alleviating longstanding pressure on the corporate and household sectors to spur economic activity and reduce inflationary pressures, while meeting the demands of foreign companies and investors for repatriation. According to Arqam Capital’s report “The Devil in the FX” published in February, the …

Mohamed Samir

Egypt rebalancing continues, yet challenging year lies ahead: Fitch

“The rising levels of foreign exchange (FX) reserves, a return of private capital inflows, and appreciation of currency, marks the progress in Egypt’s gradual external rebalancing in early 2017. Further fiscal consolidation in addition to external rebalancing would lay the groundwork for a broader-based improvement in sovereign credit metrics in 2018,” said Fitch Ratings in …

Mohamed Samir

Currency flotation is paying off as foreign flows drive foreign-exchange stabilisation: EFG Hermes

Squeezed by turbulence and uncertainty since 2011, Egypt’s economy encountered numerous challenges, such as the prolonged political transition that led to the build-up of macroeconomic imbalances. The government decided to adopt an economic reform programme—backed by the International Monetary Fund (IMF)—which included the introduction of the value-added tax (VAT) law, the reduction of fuel subsidies, …

Mohamed Samir

67.4% increase in total collected foreign exchange in 2015/2016: CAPMAS 

Total proceeds of foreign exchange amounted to EGP 1.5088tn 2015/2016, compared to EGP 901.5bn in 2014/2015—an increase of 67.4%—according to the Central Agency for Public Mobilization and Statistics’ (CAPMAS) recent annual bulletin on collection and payment of foreign exchange in 2015/2016. CAPMAS attributed the increase to increased receipts from goods exports and private transfers without …

Hossam Mounir