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Egypt Reform Plans on Track

Egypt Reform Plans on Track Egypt Reform Plans on Track

A recent report issued by France’s BNP Paribas bank said that Egypt’s economy is on the right track to recovery as reform plans started to pay off for the biggest economy in North Africa, Zawya.com reported. The bank has participated in a three-day investor trip to Cairo to reassess the economic situation. Daily News Egypt met with more than 20 representatives from government, the Central Bank of Egypt, local banks, multinational and domestic corporates, academics, entrepreneurs and political analysts. The bank said that the trip reaffirmed its positive outlook on the Egyptian economy, while it highlighted the key challenge of competitiveness in the medium term. The FX market is increasingly liquid and EGP flotation has been a success. The balance of payments is improving rapidly and overseas repatriation is progressing as well. All backlogs have been eliminated, and the dollar interbank market is growing. IMF objectives in terms of net international reserves have been outperformed.

 

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