28 January 2020 10:40 PM

Beltone Financial lauds gov't initiatives in support of industrial sector

Saturday، 07 December 2019 - 04:07 PM

Beltone Financial, one of the largest investment banks in the Middle East and North Africa, has praised initiatives launched last week by the Egyptian government and the Central Bank of Egypt in support of the industrial and housing sectors in the country.

The 181-billion-pound initiatives will help attract more investments into the industrial sector and reduce pressure on the Egyptian pound, in addition to supporting the stock exchange market, the bank said in a report.

"The industrial-sector initiatives confirms our view that all policies are geared toward maintaining a stronger currency without any sort of intervention in the market, but rather through efforts to support the FX revenue stream and tame import bill growth amidst the private sector and demand recovery," the report read.

The bank added that the initiatives "confirm support to industrial and private-sector investment recovery, the final box to be checked in Egypt’s reform program, which should reflect positively on equities."

MENA

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