The Central Bank of Egypt governor Tarek Amer pledged that investing in the Egyptian pound will be more profitable than other currencies in the medium term.
During the Arab Banking Conference 2022, Amer added in his Wednesday speech that the Central Bank approved the requests of the National Bank of Egypt and Banque Misr to issue a savings certificate at an interest rate of 18 percent to support the Egyptian citizens.
Amer said that he has no doubts about the ability of the Egyptian economy to overcome the current crisis, thanks to the experience of the leaders of the banking sector in addition to the proactive decisions the central bank took based on market predictions.
“We have the confidence to deal with crises aggressively and we are not afraid of it, as we do not react but rather address it professionally,” he added.
Foreign reserves with central banks are kept to be used to serve citizens, he said.
He added that the support provided by the political leadership to the Central Bank of Egypt contributed to the decline of inflation to 3 percent, until the Russian-Ukrainian war broke out.
He added that banks provided huge funds to the economy during the coronavirus crisis, which helped Egypt maintain employment and price levels, he said, pointing out that the production of companies doubled during 2020 compared to 2019, which made economic growth reach very high levels.
The central bank addressed the coronavirus crisis by pumping liquidity from its foreign reserves and maintaining exchange rates so that the economy would not suffer a price crisis, Amer said.
He added that the central bank resorted to using the liquidity of Egyptian banks during the pandemic to pay owed debts, which increased the confidence of foreign investors in Egypt.
These measures succeeded in selecting the Central Bank of Egypt among the top ten banks in the world, he noted.