Chairman of the Bank of Egypt: Egyptians’ remittances increased 10-fold and all currency waiting lists were met

Books – Ahmed Yaqoub

Wednesday, March 13, 2024 08:49 PM

Confirm Muhammad Al-Etribi Chairman of the Federation of Egyptian Banks and Chairman of the Board of the Bank of Egypt: There is a current surge in financial transfers coming into Egypt in foreign currencies, whether from Egyptians abroad or foreign investors and international institutions wishing to invest in local treasury bills and bonds, in a strong indication of the return of confidence in the Egyptian economy, following the unveiling of a deal. Ras Al-Hekma and the Central Bank taking bold decisions to enhance the flexibility of the exchange rate, control inflation rates, and put them on a downward path.

Al-Etreby said that the Central Bank’s measures resulted in significant stability in the foreign exchange market and a major change in the outlook of international institutions for the Egyptian economy, as Moody’s International announced that the future outlook of the local economy and the five largest Egyptian banks was modified from negative to positive.

The collection of transfers from Egyptians from abroad at Banque Misr also increased more than 10-fold, and the rate of transferring the dollar within the bank’s exchange company increased by about 20 times compared to the previous period, which strengthened the bank’s ability to meet all waiting lists for foreign currency and close them completely during the past days.

He continued that the proceeds of strong foreign exchange flows contributed to the improvement of the value of the pound against the dollar over the past days to record 48.4 pounds currently, compared to levels exceeding 51 pounds to the dollar last Wednesday, in addition to most Egyptian banks increasing the amounts available for use in foreign currency via cards, to facilitate… Banking system clients.

The head of the Union of Banks said it was likely that flows into the Egyptian market would increase and the dollar would be waived within official channels in the coming days, in light of the presence of expected billion-dollar flows from the IMF, the European Union and the World Bank, in addition to the second tranche of the Ras al-Hikma deal worth $20 billion (14 billion liquidity). Cash and $6 billion, the value of the remaining UAE deposit in the Central Bank of Egypt.

In a related context, the positive indicators included an intense demand from foreign investors to buy Egyptian debt instruments, as the coverage rate on the last 364-day treasury bill tender jumped to approximately 8 times, compared to an average of only 2 times in previous tenders for the Central Bank’s decisions, and trading also increased. Foreigners’ interest in stocks has exceeded one billion pounds per day at the present time, from about 150 million pounds previously.

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