Egypt ends forex repatriation guarantee in sign of stability

CAIRO: Egypt will next week end a mechanism guaranteeing overseas investors can repatriate their foreign currency, the latest indication that the central bank believes an economic reform programme is on a firm footing.

The mechanism “was heavily utilised by foreign investors” as the overhaul began, the central bank said in a statement. But as the plan centred on a 2016 devaluation of the pound delivered gains “and the foreign-exchange resources granted by the real economy flourished, Egypt’s external balances and various economic indicators have gained considerable strength,” it said. The mechanism will be ended on Dec 4.