The Central Bank of Egypt (CBE) announced Tuesday the full payment of all foreign portfolio investors’ outstanding orders totaling USD547.2M.
CBE has thus cleared all the pending backlog to date, the bank said in a statement.
The above orders represent balances of foreign investors that opted not to use the CBE repatriation mechanism.
Noteworthy, the CBE reconfirms the existing repatriation mechanism, which avails foreign currency liquidity to foreigners investing in the domestic
Government's securities (treasury bills and bonds) as well as equity markets, given, they accessed the local market through the said mechanism, the statement added.
Since inception, the mechanism has functioned with a policy of no delays and with utmost efficiency and effectiveness.