During his meeting with the Canada Egypt Business Council : Tarek Amer talks about the experience of the Central Bank with the foreign reserve

Cairo – Eco – Fady Labib : the Canada Egypt Business Council "CEBC" , headed by Eng. Motaz Raslan, held an economic seminar in which Tarek Amer, Governor of the Central Bank, spoke on the subject of "Financial Inclusion, Opportunities and Challenges" in the light of the successes achieved by the Central Bank during the last period. The capabilities of the Egyptian economy ...

 "The best way to destroy the economic system is the deterioration of its currency," said Motaz Raslan, chairman of the Canada Egypt Business Council . "I think this statement served as a wake-up call to the economy over the past years after the arrival of the exchange market And the decline of foreign reserves. "Raslan added:" In addition to that, the suffering of many sectors such as tourism and industry, and most importantly the vibration of confidence in the Egyptian economy.

The Chairman of the Canada Egypt Business Council Council said that the delay in facing these challenges and addressing the severe imbalances suffered by the economy cost us a lot and a lot over the past years because we preferred to keep the pound more than its value for many years and we neglected the basic property of money which is stability in value because Stability, the loss of nature and the collapse of the monetary system and perhaps the social system, so we in the need to stabilize the exchange market, and expand the umbrella of financial coverage, being the cornerstone of the progress of any economy and attract foreign investment. Engineer Motaz Raslan went on to say that the challenge of approaching this exchange rate was approaching the flame because it affected not only the economy but social peace as a whole, but Tarek Amer, governor of the Central Bank, accepted this challenge and broke into this thorny issue. , Which was then at its highest level and surprised everyone by the decision to liberalize the exchange rate and take full responsibility despite the strong criticism of him, and I believe that this decision is the most important in the history of the Egyptian economy because of the radical transformation in various sectors, and changed the world view of the Egyptian economy and restored confidence for Investment, with the certification of international institutions led by the International Monetary Fund and the World Bank, Fitch Ratings and other sovereign investment banks and put Egypt as the best destination for investment in the coming period.

Tarek  Amer, Governor of the Central Bank of Egypt, said that the monetary situation in Egypt has improved significantly and in particular with its headquarters before 2010. National GDP grew by 5% and Egypt became the sixth country in the world in terms of emerging markets. The foreign exchange inflows, noting that the exchange rate is no longer a goal in itself for the central bank, but targeting inflation. He said: "There are a number of challenges still facing the economy, For example, Rise of inflation rates, and achieving financial inclusion, and high external debt.

Tarek Amer said that the trade deficit declined to 20 billion dollars during the last period, compared to 32 billion pounds, and is expected to continue to decline during the coming period, with an increase in the proportion of foreign inflows, where Egypt received requests from international institutions by more than 26 billion dollars, International bonds issued by the international bodies, as well as the approval of international bodies to lend Egypt more than $ 20 billion, inflows from Egypt reached about $ 35 billion, and investments of foreign funds in Egypt.