An archive image of the Central Bank of Egypt

The Egyptian government is trying to improve the Egyptian economy, taking into account the availability of foreign currency in Egypt, and the government in Egypt is currently monitoring the foreign investment operations to improve and improve the rate of interest reduction in Egypt while taking into account the improvement of the Egyptian economy.

The Deputy Minister of Finance of the Arab Republic of Egypt said on Monday evening that the Central Bank of Egypt's decision to cut interest rates in August and September will save the general budget in the Arab Republic of Egypt between twenty and twenty five billion pounds, or between 1.23%. $ 1.54 billion over the year.

In a related context, the economic correspondent quoted Ahmed Kjok in Haditha to the Middle East News Agency during the press conference held this morning in the United Arab Emirates, that each reduction of interest is estimated by one percentage point in full, in other words saves the Egyptian government budget from Eight to ten billion pounds throughout the year.

In this regard, the Central Bank of Egypt cut interest rates on deposit and lending operations for one night only from a percentage point of about 1.5 percentage points on the 22nd of August, and then cut it again on the 26th of September. The rate of lending at that moment is about 14.25 per cent and the deposit is 13.25 per cent.

For his part, Ahmed Kjok said in Haditha that the decision of new interest and cuts will not significantly affect the attractiveness of debt instruments in the Egyptian government to investment by foreigners, where at the moment remains the most attractive in the trading and investment, especially in light of the low risk I have Egypt's economy right now.

For his part, Ahmed Kjok Ali, an Egyptian official revealed that the total foreign investments in treasury bills in Egypt rose in the previous period to more than three billion dollars, especially at the end of August from about ten billion dollars at the end of the previous year 2018.

Currently, the Egyptian government is close to finalizing a three-year economic reform program agreed by the Egyptian government and the IMF in November 2016.