FINANCIAL NEWS

Foreign exchange reserves in Egypt to reach USD28.5bn

04 Apr 2017

(MENAFN) The Central Bank of Egypt predicts that foreign exchange reserves will grow to more than USD28.5bn by next March, the highest since March 2011.

Furthermore, the USD12bn three-year loan from the IMF was negotiated in Nov 2016 in an effort to attract foreign capital, while Egypt’s reserves have been on the rise and stood at USD26.5bn.

In addition, the country has also received the second tranche of the African Development Bank’s (AFDB) loan, which is part of a 3-year loan program of USD1.5bn.

Meanwhile, a total of USD2.75bn from the IMF was delivered in Nov last year, after the USD12bn loan that the board confirmed.

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MENAFN0404201700450000ID1095367157

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