Egypt’s foreign reserves levels ‘reassuring’ – CBE’s Amer

Egypt’s foreign currency reserves levels are ‘reassuring’ and current situation is ‘stable’, to witness more improvements in the coming period, said newly-appointed central bank governor Tarek Amer.

Amer made these remarks during his meeting with President Abdel Fattah al-Sisi on Wednesday.

According to the presidential spokesman Alaa Youssef, Amer has discussed with Sisi the central bank’s work plan.

The set-to-be plan encompasses issuing new exceptional auction within the upcoming period to meet the needs of importing as well as boosting and activating regulatory tools on local markets.

Amer asserted that CBE has cleared the backlog of funds it owed foreign investors who sold local stocks and bonds in the aftermath of the country’s 2011 uprising since it repaid US$547.2 million, representing “all the pending backlog to date,”.

The newly-appointed governor added that he keens on meeting the funding needs of Egypt’s important sector since the bank has pumped US$1 billion for importers and intends to inject more dollar liquidity into the market this month.

Youssef stated that during the meeting , Amer and Sisi have talked over the importance of contacting with investors of different economic sectors to know the obstacles they face to be solved.

In addition, they showcased the suggestions to boost the growth rates in all sectors within the upcoming period to achieve the comprehensive development, the spokesman said.