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Egypt Today: Flotation had positive results on Egypt’s economy: CI Capital

The float helped in reducing the budget deficit, eliminating the parallel market, with foreign reserves at CBE reaching $37bn.
31.01.18 | Interesting article at Egypt Today

The decision to float the Egyptian pound in November 2016 had a clear impact in increasing the gross domestic product (GDP) and foreign reserves growth rates, and helped the government treasury-bills attract $19 billion in cash flows, Managing Director and Head of Brokerage at CI Capital Karim Khedr said during CI Capital’s second MENA Investor Conference, which kicked off in Cairo Tuesday.

He added that the float helped in reducing the budget deficit, eliminating the parallel market, with foreign reserves at the Central bank of Egypt (CBE) reaching $ 37 billion.

This is in addition to economic growth of 4.2 percent during the last fiscal year, compared to 3.5 percent expected by the International Monetary Fund (IMF) during 2017, Khedr added.