The Central Bank of Egypt (CBE) is expected to inject $1bn in FX with the start of December in a move to help commercial banks satisfy their commitments to their clients, according to Al-Borsa Newspaper.
The supply shall be injected after Tarek Amer, officially begins his new position as the new CBE Governor.
The amount to be supplied will help in aiding importers by reducing/releasing the amounts of goods that are awaiting customs clearance.
Last week the CBE issued $1bn for the same purpose, which is part of the bank’s plan to flood the market with a total of $4bn to meet the requests for foreign currency in import contracts.
In a press conference this month, Mohamed El-Sewedy, Head of the Federation of Egyptian Industries (FEI) said the amount of money will contribute to solve the problem of lack of raw materials, which affected factories and threatened the suspension of others, especially poultry factories.
“The National Bank of Egypt (NBE) and Banque Misr provided $800m during the past few days for the release of raw materials, which were stuck in ports because of hard currency shortages, especially food commodities,” he said.