Egypt can neutralise coronavirus impact on economy; says central bank governor

Egypt’s central bank is capable of shielding the country’s economy from the impact of the coronavirus, its governor Tarek Amer told Bloomberg on Thursday.

“We have the power to neutralise the effect of the global turmoil on our economy, and we will use it,” Bloomberg quoted Amer as saying, without specifying what that would entail.

Egypt’s central bank has been enacting a range of stimulus measures, aiming to buffer the impact of the coronavirus on the national economy. It has on Monday made an emergent cut – its largest ever – in key interest rates by 300 basis points to buffer the impact of the coronavirus on the national economy.

The central bank has also given businesses and individuals a six-month grace period for credit repayments and canceled ATM withdrawal fees for the same period.

The country – the Middle East’s fastest-growing economy – has announced a range of social steps to stem the virus pandemic, including the suspension of international flights and limiting opening hours for cafes, restaurants, and shopping malls.

Egyptian President Abdel Fattah al-Sisi earlier on Saturday announced the allocation of 100 billion Egyptian pounds ($6.4 billion) to combat the spread of the flu-like virus.

To date, Egypt has confirmed 210 coronavirus cases, including six deaths.