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Egypt’s foreign reserves hit more than 5-year high

by ChemOrbis Editorial Team - content@chemorbis.com
  • 08/02/2017 (15:04)
According to media reports, a report from the Central Bank of Egypt (CBE) revealed that Egypt’s foreign reserves hit the highest levels in more than five years in January, rising to $26.4 billion from $24.265 billion in December.

The recent uptick in the CBE’s foreign reserves has come following the completion of its $4 billion Eurobond sales. On a related note, Egypt secured loans from the International Monetary Fund (IMF) and the World Bank as well as some other international banks as part of the government’s efforts to ease liquidity tightness and to overcome high exchange rates.

This week, the Egyptian pound has appreciated against the US dollar, to be traded at around EGP18.3 per dollar in the official market.
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