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CBE's Ramez: The EGP will stabilize very soon

In his first TV-interview as Governor of the Central Bank of Egypt (CBE), Hisham Ramez tries to relieve skeptics.
“Our main priority is transparency, so that people know what we are doing. This way, we can guide people’s expectations and bring them closer to reality,” Ramez assured.

The new governor, who will officially start work from the third of February 2013, believes in a market-driven economy. “I believe in a free market and will be more in touch with it and with the business society, since it is an important part of Egypt’s economy. Banks support the business sector and if the business sector thrives, and the banks benefit, the economy will automatically flourish.” He added that Egypt needs a systemized, stable market, driven by and depending on supply and demand. “We are confident that we will reach this state very soon.”

According to Ramez, the foreign exchange market is showing a lot of positive signs that assure that the rate of the Egyptian Pound will stabilize very soon. “Also, we will soon set auctions to buy the dollar-excess from the banks,” he added. Yet, he did not set a certain “goal-rate” for the Egyptian Pound.

Seeing the CBE’s independence as one of the most important aspects for its success, the governor talked to President Mohamed Morsi in order to guarantee the bank’s sovereignty. “That does not mean that I will live in a tower by myself; on the contrary, we will work closely with the government because we have the same goal: a prosperous Egyptian economy,” he explained.

Ramez also promised to focus heavily on direct and indirect investors. “I will listen to their problems and demands, in order to help the economy flourish during this important time in Egypt’s history.”

Finally, he assured that communication with the market is the main keystone to success and a positive economy. “When the market knows what the CBE is doing, and the CBE is in touch with the market’s problems, we can talk about a very successful strategy and business-model. This way, decision-making will become a lot easier.”

To know more about Hisham Ramez, please visit:
"Who's Hisham Ramez, CBE's new governor?"