By: Islam Fadl
Cairo – Mubasher: The net value of foreign purchases in the Egyptian Exchange (EGX) has recently reached EGP 21 billion, compared to a value ranged between EGP 1 billion and EGP 1.5 billion before floating the pound in November 2016, EGX’s chairman Mohamed Farid stated on Tuesday.
Meanwhile, foreign investments in Egyptian bonds has recorded EGP 38 billion, from EGP 2 billion before the liberation of the pound’s exchange rates, Farid added.
The top official noted that the eradication of poverty requires sustainable growth that enables people with the lowest income to receive the fruit of the economic reform programme.
The increase in Egypt’s imports should not be a problem if comes in tandem with an increase in GDP growth rate, Farid remarked.
Strong growth will boost imports to meet an enlarged domestic demand, he added.
