The Governor of the Central Bank of Egypt, Tarek Amer, recently revealed surprises in the figures of the Egyptian economy, pointing out that the external debt amounted to 48 billion dollars, and that the state paid 35 billion dollars during the "Corona" crisis without a negative impact on the economy.
He stated: When I assumed responsibility in 2015, before liberalizing the exchange rate, we had 800 million dollars in the central bank, and the situation was catastrophic because we were importing fuel with a billion dollars a month, in addition to 2 billion dollars for medicine and the same for wheat. We were able to remove 40 billion pounds of debts owed by companies, and we held meetings with the private sector to solve its problems, and all that mattered to us was the 24 million citizens working in the private sector and we sought to preserve their jobs."
He also explained that the remittances of the Egyptians were $18 billion, then they rose to about $30 billion thanks to confidence in economic reforms, at a time when Egypt received $431 billion from international markets, exports and remittances during the last five years.
Amer revealed that the banking sector granted the Egyptian market 600 billion pounds throughout its history until 2014, but its contributions today reached 2.2 trillion pounds, which means that 1.6 trillion pounds were placed in the Egyptian market within 6 years, while deposits amounted to 4.6 trillion pounds, up from 1.5 trillion before 6 years old.
He also assured that Egypt will not change the currency, but there are small currencies that are in a bad position due to the large number of consumption, and we found a new material that is better in the currency industry, to increase its tolerability and it is close to plastic, and it will be worked out with the move to the Administrative Capital next year, and the beginning will be in the categories of 10 and 20 EGP.
Source (Al-Rai Newspaper-Kuwait, Edited)
