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Egypt's economy strong enough to cope with foreign crises: CBE governor

CBE governor Tarek Amer said the national economy has proved its capability to face global challenges.

Ahram Online , Monday 17 Feb 2020
CBE governor Tarek Amer
File Photo: Egypt's Central Bank Governor Tarek Amer (Photo: Reuters)

The Governor of the Central Bank of Egypt (CBE) Tarek Amer has stressed that Egypt’s economy has become stronger to cope with foreign crises and challenges due to the country's successful economic reform program.

Speaking to CNBC, he reiterated that the national economy has proved its capability to face global challenges.

He cited that the national economy successfully overcame challenges resulting from the trade war between the United States and China in 2018.

Amer said that the CBE closely follows up global economic developments given the bank’s great experience to handle crises starting from the 2008 financial crisis until 2018.

He added that such challenges have no impacts on the national economy or foreign cash reserves in terms of improving growth rates and decline of inflation.

Meanwhile, a CBE official source told MENA earlier on Sunday that the total foreign inflows into Egypt hit more than $12 billion since January 1, 2020, noting that the inflows were in the form of remittances of Egyptians working abroad and new foreign investments.

The inflows reflect international financial funds' interest in the Egyptian market as one of the most important markets attracting investments in the region, the source said.

He added that the Egyptian economy is on the right track due to economic reforms implemented by the Egyptian government in the past years. 

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