CAIRO, May 6, 2018 (MENA) - The Central Bank of Egypt has cancelled all restrictions that once applied to the movement of foreign currencies inside and outside Egypt. Foreign currencies are now freely traded on the Egyptian market, said CBE governor Tareq Amer Sunday. The CBE has been working to outline a comprehensive strategy to achieve monetary stability in the markets, Amer said in a conference on development in Egypt. He added that the CBE has also managed to tailor monetary policies that contribute to creating jobs inside Egypt. Indeed, the CBE has succeeded in stabilizing the exchange rate, which is key to a stable Egyptian economy, Amer told the gathering. Foreign investors can now easily and freely obtain foreign currencies without any obstacles, the CBE governor said, believing this would help them better manage their businesses inside Egypt. The CBE is currently acting to reduce unemployment rates in line with a strategy outlined to also improve financial liaison of the labor market, Amer said. He also touched upon competition among banks to contribute to the funding of small and medium-sized enterprises (SMEs) in Egypt.
