The Egyptian Ministry of Foreign Commerce and Economy has asserted that the recently undertaken measures implemented to regulate the foreign currency exchange market in Egypt has not affected the inflow of foreign investments into the country.
According to a recent report appearing in Al-Sharq Al-Awsat newspaper, last January, the government enacted several measures to control the exchange rate of foreign currencies in general and of the US dollar in particular. These measures aim to stabilize the currency market in Egypt as well as provide a better investment climate, rid of speculation and ambiguity.
The Egyptian Ministry of Foreign Commerce and Economy estimates the value of the incoming foreign direct investments by the end of 2001 at $8.9 billion. The value of these investments hit $5.1 billion in 1998. This noticeable increase manifests the international investors’ confidence in the Egyptian national economy. –(Albawaba-MEBG)
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