CBE announces start of currency swap mechanism

The Central Bank of Egypt (CBE) announced the start of currency swap mechanism between Egypt and China as of Thursday. 

The Egyptian-Chinese ties witnessed remarkable progress, especially at the financial level, said adviser of the CBE governor Magdy Amer during the Egyptian-Chinese forum, which is being held by the Investment Ministry in cooperation with the Egyptian Businessmen's Association.

The Egyptian-Chinese ties improved during the rule of Egypt's President Abdel Fattah El Sisi, he added, pointing out to the ministerial visits between the officials of the two countries.

China is considered one of the biggest supporters of Egypt, he said, adding that it loaned the North African country about 1.800 billion dollars.