$200bn pumped into Egypt’s banking sector since 2016: Amer

Central Bank of Egypt (CBE) Governor Tarek Amer said that $200 billion have been injected into the Egyptian banking sector to support the country’s economy since November 2016.

Speaking to reporters on the sidelines of fintech conference “Seamless North Africa 2019”, Amer said Egypt has no need of a new programme with the IMF following the end of the current economic reform programme in June.

He added that the government has developed ambitious plans to bolster the country’s economic situation.

The US’s current monetary policies have impacted positively on the performance of the national Egyptian economy, Amer noted.

The recent appreciation of the Egyptian pound has been driven by an increase in foreign exchange earnings and a surge in foreign investments, as well as the significant improvement in the balance of payments, Amer said.

Around 30-40 percent of Banque du Caire shares will be floated on the Egyptian exchange by the end of 2019, the CBE governor also said.

Also, Amer talked about the levels of external debt, which he said are within the agreed limits as per the economic reform programme.

So far, nearly  EGP 17 billion has been allocated for financing small and medium-sized enterprises in Egypt, he said.