Egypt’s net foreign assets fell by EGP 18.06 billion ($925 million) in August, revealed newly released CBE data
President Abdel-Fattah El-Sisi has directed the government and the Central Bank of Egypt (CBE) to create new initiatives to attract foreign investments into the country in a meeting on Sunday.
Meeting with Prime Minister Mostafa Madbouly and CBE Governor Hassan Abdalla, the president instructed Abdalla to continue the CBE and the banking system’s efforts in securing priority requirements for production and industry, presidential spokesman Bassam Rady said in a statement.
Since Abdalla’s appointment in August, the CBE has announced several decisions and decrees, including new instructions to facilitate imports, taken to ease import backlog that have contributed to hiking prices across several sectors.
Imported shipments worth up to $25,000 are now allowed to importers once every 6 months, while shipments with a value exceeding $25,000 are released using Form 4.
At the meeting, the CBE governor reviewed global economic indicators, as well as global monetary policies and recent measures taken by central banks across the world in response to the economic repercussions of the Russia/Ukraine conflict.
Egypt’s net foreign assets fell by EGP 18.06 billion ($925 million) in August, revealed newly released CBE data.
The meeting was held only days after El-Sisi stressed that obstacles to investment will be removed within the coming months during the inauguration two investment zones in Qalioubiya and Gharbia Governorates.
El-Sisi’s meeting with the premier and the CBE governor comes days after the president stressed that obstacles to investment will be removed within a month or two while inaugurating two investment zones in the Qalioubiya and Gharbia Governorates.
