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Egyptian gov’t keen on preserving purchasing power – CBE’s Aboul Naga

Egyptian gov’t keen on preserving purchasing power – CBE’s Aboul Naga
Deputy Governor of the CBE, Rami Aboul Naga

Riyadh – Mubasher: The Egyptian government has worked on preserving the purchasing power, as it targeted prices stability in the medium-term, Deputy Governor of the Central Bank of Egypt (CBE), Rami Aboul Naga, stated during a recent event held in Saudi Arabia to tackle investing in the Egyptian capital market.

The CBE’s decision to open the market for importers led to an increase in the exchange rate, given the number of suspended requests by the importers, Aboul Naga added.

The return of inflows into the official market was the reason behind restoring the ability to have reserves, the official added, noting that Egypt’s cash reserves hit $34 billion.

Aboul Naga noted that the International Monetary Fund (IMF) will provide Egypt with $3 billion in funding, adding that the higher prices of the majority of goods formed a huge burden on all states. The inflation rate in emerging economies leaped by nearly 22%, while it rose by approximately 7% in developed countries.

It is worth noting that the event was held under the sponsorship of the Saudi-Egyptian Business Council, with the participation of a high-ranking delegation of the Egyptian capital market and stock exchange.

Among the speakers were Chairman of Mubasher Financial Group, Mohamed Al Ballaa, as well as the former head of the EGX, Mohamed Farid, who currently serves as the Chairman of the Financial Regulatory Authority (FRA), in addition to Chairman of the Egyptian Exchange (EGX), Rami El-Dokany.