(MENAFN) Egypt is predicted to pay off USD850 million in debts to foreign oil companies, Governor of the country's Central Bank Tarek Amer announced.
Egypt has seen an increase in its debts to foreign oil firms as they reached USD2.4 billion, as showed in recent records of which Egypt's government published.
The statement has been made by the Central Bank governor at a meeting that was held with Al-Ahram editorial board before the beginning of the Al-Ahram Business Leaders' Awards ceremony.
Amer assured that "we are continuing to carry out economic reforms, as we have strong reserves which are seen as a deterrent to any manipulation of the exchange market."
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