Wednesday 6 March 2024 10:18 PMThe Central Bank of Egypt’s (CBE) decisions on Wednesday struck a severe blow to the black market, according to several banking leaders and experts. El-Etreby also revealed that a foreign company deposited $25m in Banque Misr following the CBE’s decisions today. He described it as a crucial and positive step that will significantly contribute to eliminating speculation and the parallel market for foreign currency. Tamer Youssef, a banking expert specializing in asset management, believes that the main objective of the decisions is to attract direct foreign investments. He explained that given the low local savings rates, direct foreign investments are vital for financing growth, as they enable the use of available production capacities in all economic sectors, thus stimulating growth.

Source: Daily News Egypt March 07, 2024 04:52 UTC