Central Bank of Egypt (CBE) Governor Hesham Ramez said that Egypt has not been late in paying for dues of the foreign investors, despite the ongoing circumstances.
“US$3 billion was paid to Qatar in December. Another $2 billion will be paid in November,” Ramez said adding that the bank is ready for this without concerns.
In a talk show aired on the privately-owned CBC TV channel on Tuesday, Ramez said dues of foreign investors were announced in March to have been paid and all of the dues had been paid completely by beginning of April.
“Paying for the dues has had a good impact on the stock exchange,” he said indicating that the stock index raised after 30 June by 70 percent, adding that the five percent decline does not raise concerns or represent a conspiracy.
“Other resources yield national income, beside the Suez Canal. Many people believed that the central bank will be unable to pay for the dues,” he added.
The cash reserve, according to Ramez, has increased up to US$17.42 billion.
The new interim government decided to pay back a bond given by Qatar after the ousting of President Mohamed Morsy, in protest over the country's support for the Muslim Brotherhood. Other gulf states, like Saudi Arabia and UAE, quickly swept in and offered much more to Egypt.
Edited translation from MENA
