Egypt's Central Bank Governor Tarek Amer said on Friday that foreign investors would be able to repatriate profits and capital "in the coming period" now that hard currency reserves were recovering, state news agency MENA reported. The central bank's foreign reserves rose to $24.265 billion at the end of December from $23.058 billion the previous month. Inflows into the commercial banking sector do not reflect in the central bank's reserves. "Amer stressed the importance of communicating to foreign investors that they could easily transfer their profits over the coming period through the central bank's transfer mechanism," MENA said. The central bank's higher reserves are largely due to an IMF loan, which was conditional on the pound being floated.

Source: Egypt Independent January 14, 2017 08:16 UTC