CBE not to reduce pound exchange rate: governor

The Central Bank of Egypt (CBE) will not reduce the exchange rate of the Egyptian pound before the foreign reserves reach US$25 billion or $30 billion, said CBE Governor Tarek Amer.
Amer added in an interview with host Ibrahim Eissa on al-Qahera wal Nas channel Sunday evening that the current foreign reserves stand at $16.5 billion.
Amer called on parliament to put into consideration the Cabinet's plans regarding the wages of employees, pointing out that the current salaries of state employees would not be reduced.
He said future salary increases should be in accordance with a set of regulations.
Amer said Egypt's foreign debt under former President Mohamed Morsi was LE9 billion whereas under Sisi it reached LE1,700,000.
There are many investment opportunities in Egypt, but they are not exploited, Amer said, stressing that the price of electricity in Egypt is cheaper than European countries.
Edited translation from Al-Masry Al-Youm

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