Cairo – Mubasher: Egypt’s local currency is not currently facing a crisis, said the central bank’s governor, adding that three banks would be floated before the end of this year.
In an interview with CBC satellite channel, Central Bank of Egypt’s Governor Tarek Amer indicated that the decision to raise policy rates by 1.5% would increase the country’s public debt by around EGP 14 billion.
However, the decision would have positive effects such as attracting foreign investments, restoring confidence in the local economy and upgrading Egypt’s credit rating, according to Amer.
The governor also revealed that preparations are underway for the flotation of The United Bank, Arab African International Bank (AAIB) and Banque du Caire on the Egyptian Exchange before the end of 2016.
