LE150B constitutes total amount of saving certificates since flotation

CAIRO – 10 July 2017: Vice Chairman of CBE Akef El Maghraby has stressed that the banking sector has achieved considerable success, as the total amount of saving certificates reached approximately LE 150 billion ($8.4 billion) following the pound flotation strategy on November 3, 2016.

The strategy of the government and the CBE generally aim at combating inflation, especially in the wake of receiving massive inflows of money from markets. Egypt is expected to witness minimization of inflation following the flotation of the pound and the removal of partial subsidies on electricity and gas.

The expected value of electricity subsidies in the fiscal year 2017/18 is estimated at LE 30 billion ($1.7 billion), representing 9 percent of the total subsidies allocated in the budget.