CBE: Egypt committed to paying foreign dues

The Central Bank of Egypt (CBE) governor Hisham Ramez said that Egypt was committed to paying all its dues to other countries.

CBE governor said that despite its slow economic growth since the January 25 Revolution, Egypt had met all its overseas financial commitments.
Ramez was speaking on Tuesday at a meeting organized by the American Chamber of Commerce and the US-Egypt Business Council.
Ramez said that Egypt had received $6 billion from Qatar, noting that Cairo had already paid $3.5 billion back to Doha and would return the remaining $2.5 billion by the end of the month.
CBE governor said that he was happy that Egypt could return the Qatari deposit.
Ramez added that the banking sector in Egypt was strong and coherent.
He told the meeting that the CBE adopted policies that helped preserve Egypt's reserves of foreign currencies.
Ramez also said that the CBE targets controlling inflation and achieving prices stability.
He noted that the banking sector was capable of funding any activities because it had a huge capital surplus.
CBE governor said that investors were more optimistic about doing business in Egypt, thanks to the economic reforms carried out by the government.
Ramez himself is fully optimistic about Egypt's economic future. He encouraged all business people to go ahead and pump more money into the Egyptian economy.

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