CBE: 10 bn transferred outside Egypt legally

By Administrator On Feb 28, 2012

Commenting on El-Ganzouri’s statement in parliament on last Sunday, Central Bank of Egypt (CBE) said the USD 10 billion transferred outside Egypt are owned by Arab and foreign investors, who transferred the money to their countries after selling their shares in the stock market and liquidating their businesses in Egypt after January 25^th revolution, Al Gomhuria reported.

These transfers were carried out legally as the CBE is committed to the international foreign investment guarantee agreement, which makes CBE obliged to transfer these balances, and if any bank is insolvent, CBE shall provide the needed foreign currency.

Amwal Al Ghad

Central Bank of Egypt Ganzouri