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Wednesday, 23 October 2019

Egypt on track to achieving comprehensive financial, economic reforms: Standard Chartered Bank

MENA , Monday 10 Jun 2019
A file photo of Egypt's Central Bank in Cairo (Photo: Al-Ahram)
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Views: 2921

Egypt is on the right track to achieving comprehensive financial and economic reforms, and spending-led growth is estimated at 5 percent of GDP, Britain's Standard Chartered Bank said Sunday.

In a recent report, Standard Chartered said that the Egyptian government's reform programme, in cooperation with the IMF, is lowering the country's debts by 16 percentage points, to hit 86.3 percent by June 2019, down from 103.5 percent in 2017.

Inflows from the tourism sector and remittances sent by Egyptians living abroad have contributed to narrowing the current account deficit. 

The report expected more narrowing in the current account as the rise in gas exports are starting to pay off, adding that the Central Bank of Egypt's (CBE) adopted monetary policy has led to a slowdown in inflation. 

The report estimated inflation to reach 11.1 percent by the end of the running financial year by June 2020, which could help the CBE in lowering the interest rate.

The report advised global institutions and investors to increase the weight of their investment portfolios in the Egyptian market, which is expected to outperform other emerging market peers.

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