Cairo – Mubasher: Egypt’s international reserves have reached unprecedented levels before the coronavirus (COVID-19) crisis thanks to economic reforms which helped the country become more resilience to shocks, the Sub-Governor of the Central Bank of Egypt (CBE), Rami Aboul Naga, said,

Investors flocked to the country’s international bonds worth $5 billion issued in May 2020 as well as the $750 million green bonds launched in October, showing that the economy has regained investor confidence, Aboul Naga during the PAFIX Conference and Exhibition for Financial Technology and Digital Inclusion on Monday.  

In addition, the strong digital payment infrastructure has helped the country respond to the crisis efficiently and swiftly, he added.

Egypt’s economy continued to grow by 3.6% this year, while the primary surplus registered 1.8% of the gross domestic product (GDP).

The CBE has launched several initiatives to support digital transformation amid the crisis, including including cancelling fees on ATM cash withdrawals for six months.