Daily News Egypt

CBE rejects parliamentary Industry Committee’s request to allocate 25% of monthly surplus - Daily News Egypt

Advertising Area



Advertising Area




CBE rejects parliamentary Industry Committee’s request to allocate 25% of monthly surplus

Minister of Investment pledged to present the ministry's work programme to the parliament as a quarterly report


The Central Bank of Egypt (CBE) rejected a request from the parliament’s Industry Committee to allocate 20-25% of the monthly surplus to factories for the procurement of raw materials.

Parliamentary sources said that the committee’s request was rejected due to the CBE’s policy of increasing foreign currency reserves.

The sources told Daily News Egypt that instructions from parliamentary Ali Abdul Aal to not discuss monetary policy came after members of parliament criticised the CBE Governor Tarek Amer on the back of the price of the US dollar increasing to EGP 10.5 on the informal market.

Daily News Egypt had revealed that the Industry Committee sought Deputy Governor of the CBE Gamal Negm to provide US dollars for factories by allocating 20-25% of the monthly surplus to buy raw materials. However, Negm advised them to find the necessary funds in the parallel market.

Foreign cash reserves at the CBE rose to $17.52bn last month, an increase of $510m from April.

The sources said that the CBE’s rejection to secure dollars for factories will exacerbate the rising exchange rate of the US dollar against the pound on the parallel market.

They added that the decline in the US dollar exchange rate to EGP 10.9 earlier this week is temporary and will continue to rise unless stabilised.

They pointed out that the price of the US dollar on the parallel market is too high for factories to import raw materials, which will affect production cycle and profits of non-oil exports.

Meanwhile, Minister of Investment Dalia Khurshid pledged to present the ministry’s work programme to the parliament as a quarterly report.

Member of the parliamentary Economic Affairs Committee Medhat El-Sherif told Daily News Egypt that Khurshid will send the investment map to parliament before sending it to investors for consultation.

He said that Khurshid presented proposals for amending the investment Law No.17 for 2015, noting that there are some restraints on the proposals, promoting the projects is one of them.

Egypt ranked 131st out of 189 countries that are attractive for investment, compared to being ranked 106th in 2010.

Khurshid said that Egypt targets to rank 60th by 2020 and 30th in 2030.

Advertising Area

Advertising Area



  • Omani

    Uae&OmanTerorists areSlave ofComunist China,Russia&Israel

    The real BIg problem in GCC is their HARAMI Nationals who doesn’t want to work, GCC national are surviving on the Mercy of Expatriates who are running the GCC countries, Even GCC nationals are hiring the Expatriates to FUCKtheir Mother&Sisters.

    Terrorist Countries Uae&Oman has no identity of their own, DNA(Haplogroup E) test of the GCC national clearly shows that these countries national are rooted from other countries from cross marriages of Uae&Oman localFemales & Africans, Israeli, Phora,Somali, Balochi, Bangali, malbaries,Egyptian, Ethopions, Sudanese etc.

    GCC’s Trend&culture is Terrorising the Whole ManKind, due to this Whole world is closing the doors for Teerorist GCC’s National, As USA&Europe is already as GCC Nationals not to enter their countries.

    Terrorist countries Saudi, Uae&Oman are running on the Mercy of Communist China,Russia, Europe&USA, Because Communist China,Russia, Europe&USA are buying Crude Oil from these countries to survival from Starvation, countries Saudi, Uae&Oman are not only Terrorist but also are haramiCountries, According to ISLAM its HARAM to sell the Crude oil to CommunistCountries.

  • Omani

    USA,China called the GCC countries their Terrorist Allys, at same time the Daesh,AlQueda, Paki&Afghan Terririst Groups are created&Sponsor by CrudeOil money from GCC countries.

    USA,China must analyze who is their allys, how can they destroy the Terrorism, AS the AlQueda&ISIS commondos are from GccMilitary.

    Communist countries China&Russia & Other countries are buying Crude oil from GCC countries “oil for Food” agreement.

    As these GCC countries are fully depends on the other countries to Survive, But the BigProblem with GCC countries – sponsoring the GlobalTerrorism from the CrudeOil Money.

    Osama BinLadin’s Step brother Terrrorist 911Ali SalimAl Owais2611 was try toKILL NarendraModi but fail to do so since 2003, now Uae,Oman Teerorist Sucking leakingPenis of Narendra Modi, ModijiOfIndia, Sikh SalmanOfSaudi & Sikh Khalifa OfUae proposes SultanaQaboos OfOman to Marry but she got married to Iran.

    Osama BinLadin’s Step brother Ali SalimAl Owais Act of Terrrorist has Destroyed Iraq, Syria, libya, Afghanistan & Yemen and many more, Millions of Arabs migrted to Europe&Asia for the food & shelter, many arab females become the owner of the Europeans, they raped&destoyed them.

https://www.dailynewsegypt.com/2016/06/05/cbe-rejects-parliamentary-industry-committees-request-allocate-25-monthly-surplus/
Breaking News

No current breaking news

Daily News Egypt Android App Available for free download on Google play
View
Daily News Egypt Ios App Available for free download on APP Store
View