Egypt Sees More Aid Coming From Gulf, Central Bank’s Ramez Says

Egypt expects to receive more aid from Gulf countries, beyond the $12 billion already pledged by the United Arab Emirates, Kuwait and Saudi Arabia, Egyptian Central Bank Governor Hisham Ramez said.

Ramez, speaking to reporters on Sunday in Abu Dhabi, also said foreign currency reserves cover about four months of imports and that the local market is regaining confidence in the economy.

“The support we’re getting from the Gulf countries is very important, very helpful, and we appreciate it very much, but we can’t live depending on this,” Ramez said.

Egypt’s credit growth is about 9 percent will quicken “once the economy starts moving,” Ramez said. The central bank has already received $7 billion in aid since the army’s ouster of President Mohamed Morsi, he said.

Source: Bloomberg