Half of Foreign Investor’s Dues Covered – Egypt’s Central Bank

Egypt’s central bank said it has covered 50 percent of accumulated funds owed to foreign investors, some of whom have waited years to collect the sum.

The bank announced in a statement “the coverage of fifty percent of foreign investors’ pending backlog”, in efforts to “ensure the domestic market’s efficiency and strength.”

Many foreign investors rushed to sell their assets following the January 2011 uprising, a volatile period for Egypt’s economy.

They were set to be paid in dollars but could not transfer their funds abroad since the Egyptian government could not supply the millions of dollars owed to them. They were placed on payment schedules.

The central bank said today that the “remaining backlog” will be paid “in the near future.”

Egypt’s economy has been hit hard by the political turmoil which gripped the country since the 2011 uprising toppled former President Hosni Mubarak.

The country has suffered from a dollar shortage since, with political situation taking its toll on the foreign reserves.

Foreign reserves were $19.559 billion at the end of May, they stood at almost $36 billion before 2011.

Source : Aswat Masriya