Egyptian Economy Has Opportunities for Advancement: CBE’s Governor

The Governor of the Central Bank of Egypt, Hisham Ramez, has asserted that the Egyptian economy has a promising advancement opportunities, stressing that the interim government is working to amend the current legislative structure to stimulate and encourage investments through many measures in the coming period.

Ramez has called for the need of the citizens to work hardly within the coming period and to increase production so as to improve the economic situation in general.

Ramez said Egypt is facing many economic challenges in the growth rates which recorded 2.2% during the last fiscal year, the boosting of the annual inflation to 10%, unemployment, in addition the political problems in the last three years, asserting that the state apparatus should unite within the coming period so as to resolve these problems.

Ramez has stated that the growth rates of USA recorded only 1.6% and 7.5% unemployment ,and domestic debts up 74% of gross national income (GNP) while the external debt  reached 101%, , saying  the growth in the USA recorded 1.3%, while the unemployment registered  7.5% and inflation increased to 2.7%, pointing out that the British domestic debt recorded about 90% of the national income, while the external debt of the government and the private sector registered about 434% of (GNI).