Egypt's sugar plant, the biggest in the world, to produce 900,000 tons    Egypt's unemployment rate drops to 7.2%    Egypt's exports of food industries increase 5% in Q1    Egypt-first to have new climate targets ahead of UN summit    Egypt uncovers official logo for COP27    Ukrainian people say goodbye to Leonid Kravchuk – first elected president    Noura Al-Mutair – first Gulf female boxer in World Championships    Egypt unveils 50 pound coin minted to mark Avenue of Sphinxes grand reopening    Canada's Robert Oliphant starts Egypt, Morocco visit today    Liverpool fans: "You'll Never Walk Alone" to Cristiano Ronaldo    Hot, rainy weather hits Egypt this week    COVID-19 in Egypt: infections fall to 124 cases last week    Realme announces Global Photography Contest 2022    Egypt to play key role in integrating water, climate issues globally – World Bank official    AstraZeneca to boost Egypt investment 50% in three years    Egypt's telecoms regulator announces working hours for holy month of Ramadan    Maha karara joins AAIB as Head of Corporate Communications, Sustainability    Egypt works on charting cooperation strategies with international institutions for 5 years: Al-Mashat    Over 2.4 million newborns examined for hearing impairment: Health Ministry    Netflix releases trailer of Arab adaption of 'Perfect Strangers' film    Balqees to headline concert celebrating launch of streaming giant LIVENow in MENA    Sawsan Badr to be honoured at Aswan Women Film Festival    MP Abdel Hady Al-Qasby calls government to facilitate and support NGOs    Al-Sisi follows up on 'Great Transfiguration Project' in St. Catherine    Cairo, London stress need to strengthen cooperation to face climate change    Foreigners account for 22.6% of Egypt's T-bills issuances in 1H 2021: CBE    Egypt's ambassador to Italy passes away    Egypt confirms readiness to help African countries face terrorism and extremism    An estimated 235 million people needed humanitarian assistance and protection in 2021, an increase of 40% compared to 2020: IOM Egypt    Egypt, DRC discuss water cooperation during WYF    Egypt, DR Congo discuss boosting bilateral cooperation during WYF    Cameroonian police probe assault on three Algerian journalists covering AFCON    Pharaohs start AFCON 2021 campaign with fierce clash against Nigeria    Foreign Ministry opens capacity building course for French-speaking African diplomats    Egypt's trade with Nile basin countries climbs 26% y-o-y in 9 months    Ethiopia halts work at its embassy in Egypt for 'economic reasons'    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

No waiting lists for dollar, we provided $71bn since November 2015: CBE Governor
Egypt will pay $1.5bn of foreign oil companies arrears in 2017
Published in Daily News Egypt on 25 - 02 - 2017

Tarek Amer, Governor of the Central Bank of Egypt (CBE), said that Egypt is set to pay $1.5bn as part of the foreign oil companies' arrears.
Dues owed to foreign oil companies operating in Egypt have gradually been falling from $3.6bn in September to $3.5bn in December 2016.
Amer said in a television interview on Friday that banks have already begun to repatriate dividends.
He pointed out that Egypt is due to receive $2bn from the World Bank in March, which is the second tranche of a $3bn loan to support the government's economic reform programme.
Egypt started to implement an economic reform programme, which included the liberalisation of the exchange rate, restructuring fuel subsidies, and the application of the value-added tax, in addition to signing a loan agreement with the International Monetary Fund (IMF).
The CBE had floated the pound in November 2016 to attract foreign investments, which prompted the IMF to greenlight the $12bn loan agreement.
Prime Minister Sherif Ismail said earlier this month that Egypt is working on a serious mechanism to cut the rest of the entitlements of foreign oil companies.
Asked about the impact of the flotation, Amer said that banks gathered $13.5bn since the flotation, most of which was from Egyptians.
Egypt's core inflation rate jumped to its highest level in more than ten years at 30.86% in January 2017.
The flotation led to a depreciation in the value of the Egyptian currency, falling from EGP 8.8 per dollar to EGP 20 in December, before gaining ground recently, jumping back up to EGP 15.85.
Amer stressed that the flotation will not have any further impact on inflation.
He noted that foreign currency in the banking sector increased tenfold since the flotation, adding that the value of imports since November amounted to $15bn, while he expected them to decrease by 20% this year.
He said that Egypt has provided $71bn to different economic sectors since November.
Amer predicted the external debt to reach 30% of GDP in June—equivalent to approximately $60bn—and stressed that the debt-to-GDP ratio is now safe and that the budget is now under control.
As for the big hikes in prices following the flotation, Amer said that the negative impacts of the flotation were "better than I expected."
"We made a change in the structure of growth—decreasing consumption growth to 40%—and raised investment growth to much higher ground," he said.
Amer pointed out that Egypt's imports of fuel are estimated at $1bn per month, while remittances from Egyptians abroad now reached $19-20bn—up from $9bn in January 2011.
He refuted rumours that the CBE had intervened in the exchange rate, saying "there are no instructions from the CBE to banks in terms of the exchange rate, but we called upon them to not discriminate." He stressed that, by the end of 2017, citizens will be able to freely buy dollars at banks.

Clic here to read the story from its source.