CBE Pumps Required Foreign Currency amid Progress in Goods Release, Says Cabinet

Prime Minister Mostafa Madbouly, during the meeting held Sunday with the Governor of the Central Bank of Egypt (CBE) Hassan Abdullah at the government headquarters in the Administrative Capital, followed up on a number of files, as well as the results of recent economic decisions, and their impact on the markets.

Mohamed El-Homsani, the official spokesman for the Cabinet said that the meeting dealt with the results of economic decisions, the impact of these decisions on the movement of markets, and the movement of inflation levels to a downward path.

He noted that the meeting witnessed an emphasis on the continuation of full coordination between the government and the Central Bank in this regard. 

El-Homsani explained that in this context, the position of customs release of basic goods and production requirements from various ports was reviewed, which is carried out in coordination between the government and the Central Bank.

It was noted that the release of goods and merchandise from customs is in progress, and the Central Bank pumps the required foreign currency, and then the recent period witnessed the release of a large number of food commodities, medicines, feed, and production requirements, which will contribute to the availability of goods and products in the markets, as well as the balance the prices.

He added thathe meeting also witnessed an indication that the banking sector and exchange offices are witnessing a demand from dollar holders to exchange it for the Egyptian pound, and it was also noted that the rates of remittances by Egyptians abroad are gradually returning.