Egypt reforms enhanced forex reserves, investments - int'l report
Sunday، 10 September 2017 - 12:17 PM
Recently-taken economic reforms in Egypt have enhanced foreign exchange reserves and investments, an international report issued by the Arab African International Bank and Bloomberg said on Saturday 9/9/2017.
The report, obtained by MENA, said that Egypt's economy had started to improve during the first quarter of 2017 and especially after the measures adopted by the government including focusing on small and medium-sized enterprises (SME).
The decision to float the Egyptian pound has contributed to attracting foreign investments to Egypt, said the report.
The forex reserves with the Central Bank of Egypt (CBE) were the highest in February since June of 2011, he noted.
Cairo awaits the second batch of a loan from the International Monetary Fund especially after Egypt became one of the most attracting countries in the region in the SME sector.
Citing figures by the Egyptian Banking Institute of the CBE, the report said that the number of SMEs in Egypt hit around 2.5 million, 99 per cent of the private sector's businesses the non-agriculture field. They provide 75% of jobs and account for 80% of the gross domestic product and 75% of the exports.
The report expected the Egyptian economy to further improve in 2017 and to attract more foreign investments as well as more support from countries, citing recent positive reports issued by international economic institutions.
The report anticipated that the tourism sector to recover.