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FINANCIAL NEWS
Egypt foreign currency up USD1.6b
11 Jun 2013
(MENAFN) The Central Bank of Egypt (CBE) stated that Egypt’s net foreign currency climbed USD1.6 billion at the end of last month, reported Saudi Gazette.
The Central Bank also said that forex reserves amounted to USD16.04 billion after the raise. The figure was USD14.42 billion in April.
The bank added that since the 25 Januray revolution, Egyptian net foreign currency reserves dropped by more than half from USD36 billion.
It is worth noting that Qatar deposited USD4 billion with the CBE in 2012, and pledged a USD3 billion bonds to Egyptian treasury at an expected interest rate of 3.5%.
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