Foreign capital outflows from Egypt hit $17 billion in March and April – official

Foreign capital outflows from Egypt occurred during March and April due to the outbreak of the coronavirus had reached around $17 billion, said deputy governor of the country’s central bank on Wednesday.

Speaking in a telephone interview with local TV channel, Rami Aboul Naga said Egypt’s foreign reserve buffer was its strong defence line to overcome the pandemic shock.

The capital flight has been absorbed by the country’s solid banking system, Aboul Naga added.

He further said that wave of capital outflows from Egypt reached its peak in March, then eased in April, and started to stablise this month.