Tarek Amer on reserves
From We have buffers to prevent more economic shocks, Egyptian central bank governor says · · CNBCInternationalNews
“It happened in 2018 — we lost twelve billion dollars for our economy. This is a substantial amount of money but nobody felt anything: our reserves were intact, our currency was stable, our growth continued and inflation continued to go down.”
On , Tarek Amer, Former Governor at Central Bank of Egypt, spoke about reserves during We have buffers to prevent more economic shocks, Egyptian central bank governor says on CNBCInternationalNews.
About Tarek Amer
Tarek Amer, governor of the Central Bank of Egypt, said in February 2020 that his key concern was global economic events, citing Egypt's integration into the international community. He noted that the country was tested in 2018 during the trade war, losing twelve billion dollars in funds, but stated that the loss did not affect Egypt's program or indicators, with reserves, currency stability, growth, and inflation remaining steady. Amer acknowledged that liberalized foreign exchange markets create risks of rapid capital inflows and outflows. He said the central bank is prepared to manage such volatility, drawing on experience from crises in 2008, 2011, 2013, 2016, and 2018. Amer stated that the bank maintains buffers to prevent further shocks to the domestic economy.