Success of upcoming period not to reflect on Egypt only

The success of the upcoming period will not only be reflected in a positive way on Egypt but will also include the entire region, affirmed Central Bank of Egypt (CBE) Governor Hisham Ramez.
In his speech during Egypt Economic Development Conference (EEDC), which is currently being held in Sharm el Sheikh, Ramez said that the real challenge started in 2011 and the political changes which affected the country.
Also, the tourism sector was greatly affected during this period and the capital as well, he went on to say.
Despite the great challenges, the CBE dealt seriously with the market fears, he added.
The CBE fulfilled all the obligations of foreign currency to Egypt without any delay, he said.
Such commitments included foreign debts, including those to Paris Club, along with compensations to a number of European countries, which reached up to 22 billion dollars, said Central Bank of Egypt (CBE) Governor Hisham Ramez.
The CBE also manged to fulfill obligations related to importing main goods, he added.
The total volume of assets increased by 53% and the volume of deposits went up by 65%, he noted.
Also, the volume of loans inched up by 37%, he said, expecting more growth within the forthcoming period.
He, meanwhile, said that the CBE announced in March 2013 the initiative related to the mortgage loan.
In December 2014, the CBE also facilitated measures related to the issuance of Suez Canal certificates, which aimed to finance the New Suez Canal Project.
The upcoming period will witness opening new spheres for businesses, said Central Bank of Egypt (CBE) Governor Hisham Ramez.
He further affirmed the CBE's support to the small and medium-sized industries.
The CBE will focus on creating the necessary investment climate to facilitate funding and promote consumer protection, he said.
The CBE took courageous steps to ensure the effectiveness of the foreign currency market, he noted. In 2012, the CBE adopted a policy which banned trade on the black market, according to Ramez.
He further said that the CBE imposed rules which led to eliminating the black market.
The CBE witnessed a growth in sources, which were directed to official channels for liquidity and meeting Egypt's needs of foreign exchange, he said.
He also pointed out to the report of the International Monetary Fund (IMF) on the Egyptian economy.
The IMF commended the recent measures and serious steps taken by Egypt to improve the economy, he said.
The banking sector in Egypt is in good shape, he affirmed.
The CBE passed through several challenges but it managed to overcome them, he concluded.
Source: MENA