Egypt’s foreign currency gap shrinks to $400 million in July – official

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The Central Bank of Egypt’s deputy governor, Gamal Negm

The Central Bank of Egypt (CBE) announced on Saturday that Egypt’s foreign currency gap narrowed to $400 million last month compared to $3.9 billion in last February, according to deputy governor Gamal Negm.

Negm explained that the foreign exchange gap decreased in July due to the CBE’s decisions regarding the regulating imports, adding that there is no reason to worry about the repayment of foreign debt instalments.

Egypt has seen billions of dollars leave its markets since the Russian invasion of Ukraine started in February as investors have fled emerging markets for safer havens.

Egyptian Finance Minister Mohamed Maait said in June that more than 90 percent of foreign investments in government debt instruments exited after the invasion.

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