Egyptians’ Remittances Increased 10-fold after CBE’s Recent Decisions, Says FEB Chairman

The President of the Federation of Egyptian Banks (FEB) Mohamed Al-Etreby said that the Central Bank’s measures including liberalizing the exchange rate according to market mechanisms, and raising the interest rate to 6% resulted in great stability in the foreign exchange market, and a major change in the view of international institutions of the Egyptian economy.

He added, in special statements to Extra News, Wednesday, that Egyptians’ remittances increased 10-fold, in addition to meeting all waiting lists for hard currency.

He also pointed to the increase in the proceeds of dollar exchange by citizens by about 20 times at the bank’s exchange company, in addition to the heavy demand by foreign investors to sell the dollar in banks and buy Egyptian treasury bills.

He added that the outcome of strong foreign exchange flows contributed to the improvement of the value of the pound against the dollar over the past days, explaining that there is a radical change in the outlook of foreign investors and institutions on the Egyptian market, especially with the modification of the future outlook by the rating agency “Moody’s.”