By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Do startups suffer from exaggerated financial valuation?
    Do startups suffer from exaggerated financial valuation?
    May 30, 2023
    Minister of Communications inaugurates Digital Egypt Creativity Centre in Kharga
    Minister of Communications inaugurates Digital Egypt Creativity Centre in Kharga
    May 30, 2023
    KarmWater inaugurates Marsa Alam’s first solar-powered water desalination plant
    KarmWater inaugurates Marsa Alam’s first solar-powered water desalination plant
    May 30, 2023
    Prime Minister chairs 15th meeting of permanent unit to solve investors' problems
    Prime Minister chairs 15th meeting of permanent unit to solve investors’ problems
    May 30, 2023
    SCZONE meets international energy, digital solutions companies over investment opportunities
    SCZONE meets international energy, digital solutions companies over investment opportunities
    May 30, 2023
  • Politics
    PoliticsShow More
    Iranian Supreme Leader Ali Khamenei welcomes activating ties with Egypt
    Iranian Supreme Leader Ali Khamenei welcomes activating ties with Egypt
    May 30, 2023
    All Israeli settlements, including Homesh, are illegal: Palestinian Presidency
    All Israeli settlements, including Homesh, are illegal: Palestinian Presidency
    May 30, 2023
    Arab League, UNHCR discuss refugee issues in region
    Arab League, UNHCR discuss refugee issues in region
    May 30, 2023
    Spanish PM calls early general election after local elections defeat
    Spanish PM calls early general election after local elections defeat
    May 30, 2023
    Al-Sisi, UNHCR Commissioner discuss ways to enhance bilateral cooperation
    Al-Sisi, UNHCR Commissioner discuss ways to enhance bilateral cooperation
    May 30, 2023
  • Interviews
    InterviewsShow More
    I changed my artistic path to create ‘state of wonder’: Tarek Lotfi
    I changed my artistic path to create ‘state of wonder’: Tarek Lotfi
    May 25, 2023
    I adore Ramadan drama, ‘Telt Al-Talata’ series achieved great success: Ghada Abdel Razek
    I adore Ramadan drama, ‘Telt Al-Talata’ series achieved great success: Ghada Abdel Razek
    May 8, 2023
    We aim to establish Egypt as nearshore centre for Software AG for MET region: Rami Kichli
    We aim to establish Egypt as nearshore centre for Software AG for MET region: Rami Kichli
    April 29, 2023
    Egypt-Spain relations witness remarkable development in recent years: Spanish ambassador in Cairo
    Egypt-Spain relations witness remarkable development in recent years: Spanish ambassador in Cairo
    April 18, 2023
    "Al-Asly" series saw my first leading role in TV drama: Reham Abdel Ghafour
    “Al-Asly” series saw my first leading role in TV drama: Reham Abdel Ghafour
    April 16, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Recommendations given to new CBE governor in community dialogue
Share
Notification
Latest News
Do startups suffer from exaggerated financial valuation?
Do startups suffer from exaggerated financial valuation?
Business
Minister of Communications inaugurates Digital Egypt Creativity Centre in Kharga
Minister of Communications inaugurates Digital Egypt Creativity Centre in Kharga
Business
KarmWater inaugurates Marsa Alam’s first solar-powered water desalination plant
KarmWater inaugurates Marsa Alam’s first solar-powered water desalination plant
Business
Prime Minister chairs 15th meeting of permanent unit to solve investors' problems
Prime Minister chairs 15th meeting of permanent unit to solve investors’ problems
Business
SCZONE meets international energy, digital solutions companies over investment opportunities
SCZONE meets international energy, digital solutions companies over investment opportunities
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Banking > Recommendations given to new CBE governor in community dialogue
BankingBusiness

Recommendations given to new CBE governor in community dialogue

Doaa Farid
Last updated: 2015/11/23 at 4:03 PM
By Doaa Farid 4 Min Read
Share
New CBE governor Tarek Amer
SHARE

Economic analysts, professors, CEOs and consultancies gathered on Monday in a workshop to discuss monetary policy and foreign exchange, organised by PwC and N Gage Consulting.

Economy professor at Cairo University Alia El-Mahdy explained that the CBE has increased printing local currency from EGP 10bn before 2010 to EGP 57bn per year following the 25 January Revolution in 2011.

According to El-Mahdy, high interest rates are decreasing the competitive ability of local manufacturers who export, as well as the investment appetite of the private sector.

El-Mahdy requested that banks increase their focus on the private sector, highlighting that 10 years ago, more than 50% of bank investments were directed to loans and investments and 20% were directed for government bonds; however, currently government’s bonds value at 44% and the loans and investments take 32% of the share.

She added that the currency exchange rate should be used to achieve economic growth, noting that the value of the Egyptian pound is not a “national pride” toll.

Chairman of Cairo Cotton Centre Magdy Tolba, meanwhile, called for increasing the availability of foreign currency through supporting industrial and tourism sectors.

There should also be an amendment to the market exit law, as it currently puts pressures on insolvent factories and investors, Tolba said.

“Egypt can easily double its export revenues to $40bn, if factories operate at full capacity, instead of operating at 50% of capacity,” Tolba said.

Tolba called on the new CBE governor to meet with the industrial sector to resolve the issue of insolvent factories, which he said amounts to 8,000 factories.

The answer to the industrial sector is to increase production in order for the factories to be able to register profits and repay bank loans, he said.

Meanwehile, Ahmed Ozalp, partner at Akanar Partners, expects an improvement on the FDI level, thanks to a boom in mergers and acquisitions (M&As) in Egypt over the past year.

According to Ozalp, foreign investors study the market well before entering. He called for more focus on the needed procedures. “We have a growth potential, we only need the reform,” Ozalp said.

The conference called on a “true” community dialogue to discuss the recent laws “that have been issued with a real dialogue with stakeholders”.

N Gage Consulting and PricewaterhouseCoopers (PwC) organised an open discussion that involves public and private sectors, to explore the impact of the possible changes in monetary policy within Egypt on trade, investment, and the budget deficit.

As mentioned in the conference, there are major challenges currently facing the Central Bank of Egypt (CBE), including rebuilding foreign currency reserves, regulating the exchange market and creating balance in domestic interest rates.

The CBE is also challenged with controlling inflation, covering the budget deficit, improving banking regulations and assisting banks in the employment of their accumulated liquidity.

 

You Might Also Like

Do startups suffer from exaggerated financial valuation?

Minister of Communications inaugurates Digital Egypt Creativity Centre in Kharga

KarmWater inaugurates Marsa Alam’s first solar-powered water desalination plant

Prime Minister chairs 15th meeting of permanent unit to solve investors’ problems

SCZONE meets international energy, digital solutions companies over investment opportunities

TAGGED: CBE governor, PwC
Share this Article
Facebook Twitter Email Print
Previous Article Number of female participants in elections unclear
Next Article Aveo tops US car sales with EGP 703m
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Ad image
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Do startups suffer from exaggerated financial valuation?
Do startups suffer from exaggerated financial valuation?
Business
Minister of Communications inaugurates Digital Egypt Creativity Centre in Kharga
Minister of Communications inaugurates Digital Egypt Creativity Centre in Kharga
Business
KarmWater inaugurates Marsa Alam’s first solar-powered water desalination plant
KarmWater inaugurates Marsa Alam’s first solar-powered water desalination plant
Business
Prime Minister chairs 15th meeting of permanent unit to solve investors' problems
Prime Minister chairs 15th meeting of permanent unit to solve investors’ problems
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?