Egypt owes $46 billion in foreign debt: CBE

Egypt’s external debt is valued at approximately $46 billion, Governor of the Central Bank of Egypt (CBE) Hisham Ramez announced during a meeting with Prime Minister Ibrahim Mahlab Monday.

The banks operating in the Egyptian market have strong budgets, making them capable of contributing to the economic growth, Ramez said. “The coming period is expected to witness a great leap,” he added.

During the meeting, Ramez and Mahlab discussed the issue of soaring prices witnessed recently. Ramez stressed the need to provide food commodities, and both officials agreed on the necessity of promoting the role of consumer complexes, according to a statement released Monday.