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Egypt covers all dollar backlogs for foreign investor repatriations
April 1, 2014 / 11:38 AM / 4 years ago

Egypt covers all dollar backlogs for foreign investor repatriations

CAIRO, April 1 (Reuters) - Egypt’s Central Bank has covered the entire backlog of dollars owed to foreign investors seeking to repatriate funds from the country, it said in a statement on Tuesday.

“The Central Bank of Egypt announces the coverage of the remaining foreign investors’ backlogs today after previously covering 50 percent of these backlogs on March 13,” it said.

On March 13, it said it would cover the remaining 50 percent in the near future.

A repatriation scheme opened in March last year and aimed at restoring confidence in Egypt’s economy guarantees foreign investors in Egypt’s stock and government bond markets access to dollars despite severe shortages of foreign currency. (Reporting By Shadia Nasralla; Editing by John Stonestreet)

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