Central Bank of Egypt Governor: Market can recover
The Central Bank of Egypt Governor, Dr. Farouk Uqda, has said the total foreign investments that were withdrawn from the Egyptian bond and treasury bills market during the period from January 20 to March 31, amounted to US$7.5 billion. He said, in remarks to Egyptian press today, that this amount is not huge and easily can be recovered in case of resumption of normal economic activity.
According to yallafinance.com, he explained that the total foreign investment, which was withdrawn from the Egyptian bond and treasury bills market during the global financial crisis, amounted to about US$16 billion.
On his part, Hisham Ramez, the Deputy Governor, revealed the decline of international reserves to US$ 30.1 billion at the end of March, compared with US$33.2 billion in February, and about US$36 billion at the beginning of this year. Ramez denied rumors about the exit of major foreign investors from the market.
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