Complex Made Simple

Egyptian central bank pays 50% of stock cash owed to foreign investors

Egypt’s central bank governor, Hisham Ramez has said the government has paid 50% of outstanding cash owed to foreign investors who sold their stock holdings amid the country’s political turmoil, Bloomberg has reported. The country will “very soon” pay the remaining funds owed, Ramez said. Half of the backlog paid was covered by “direct sales to the investors’ custodians,” the bank said later. Egypt in March last year “reinforced” a repatriation fund introduced in 2000, the central bank said in the statement. The fund has facilitated investor exits, Ramez said.