CBE: There is no Intention to Reduce Pound Exchange RateSource: www.export-egypt.com 2/23/2016, Location: Africa |
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The Central Bank of Egypt (CBE) will not reduce the exchange rate of the Egyptian pound before the foreign reserves reach US$25 billion or $30 billion, stated CBE Governor Tareq Amer.
Amer added, in an interview with TV host Ibrahim Eissa on al-Qahera wal Nas satellite channel evening that the current foreign reserves stand at $16.5 billion. Amer called on House of Representative (HoR) to put into consideration the cabinet's plans with regard to the wages of civil servants, pointing out that the current salaries of civil servants would not be reduced. He stated that future salary increases should be in accordance with a set of regulations. Amer stated that Egypt's foreign debt under former President Mohamed Morsi hit LE9 billion whereas under Sisi it reached LE1,700,000. There are many investment opportunities in Egypt, but they are not used, Amer went on to say, asserting that the price of electricity in Egypt is cheaper than European countries. |
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