36367
Egypt Injects $14b Into Banks
World Economy

Egypt Injects $14b Into Banks

Egypt’s central bank has injected over $14 billion into local banks over the past three months to facilitate import activity and curb inflation on essential goods, AfricaNews reported. “The central bank and Egyptian banks have embarked on an urgent plan to facilitate foreign trade in order to provide for production and for essential consumer goods for Egyptian citizens,” a central bank report said and added “to this end the central bank has provided more than $14 billion over three months and this has had an immediate impact on foreign trade and industrial activity.” Egypt has been facing an acute dollar shortage that has hampered import activity and sapped industrial production ever since a 2011 uprising drove away foreign investors and tourists, key sources of dollars. The government has in recent months applied various measures, from import restrictions to higher tariffs, to conserve scarce dollars while the central bank has injected foreign currency into the banking system to free up essential imports. The dollar injections have helped push down prices on essential food items by 25 to 35%, the statement added.

 

Short URL : http://goo.gl/lGZcfk
  1. http://goo.gl/vwKXWP
  • http://goo.gl/8LUSx5
  • http://goo.gl/zvqRNy
  • http://goo.gl/l3WQDc
  • http://goo.gl/mZzo8A

You can also read ...

Saudi Arabia Bleeds as Capital Flight Continues
As Saudi Arabia raises the stakes in its dispute with Canada...
Experts Say China Economy Manageable
Recent external pressures, a general global trade malaise...
 Final Nail in Abraaj Coffin
The Abraaj Group has been put through the ringer in past...
Qatar Pledges $15b Investment :      Turkish Lira Weakens 6% on Threat of More US Sanctions
Turkey’s battered lira weakened more than 6% against the...
Europe Should Resist Illegal US Penalties
European countries should take effective steps to counter US...
Australia Drought Could Cost $12 Billion
The Reserve Bank of Australia and a new report have warned of...
Indonesia Sets Moderate Growth Goals
Amid rising external pressures, Indonesia’s economy is...
 Crypto Scams on the Rise in UK
Crypto currency scams are using images of celebrities and...

Trending

Googleplus