Central Bank of Egypt foreign reserves increase
According to the governor of the Central Bank of Egypt (CBE), its foreign exchange reserves rose by $1 billion this year.
Dr. Farouq El Oqda revealed the figures and also said it shows just how well the banking sector is performing and the confidence within many of the banking system's units.
The growth seen in the foreign exchange reserve was down almost entirely to Qatar and Turkey, after each offered around half a billion US dollars worth of aid.
An official within the bank said that a sum of EGP 600 million had been used for the purpose of importing oil derivatives, while a further EGP 100 million had been set aside for the repayment of debts.
They also said the bank anticipated an increase in foreign exchange reserves by between EGP 300 and 400 million.
Only recently, Egypt's president Mohamed Morsi held talks with Qatari officials about various topics.
- Why India is likely to re-emerge as the UAE's top trade partner
- What's really attracting high net worth individuals to living in the UAE?
- Forbes Middle East reveals names region's 200 most powerful women
- Presidential vacuum, Syrian crisis leaves Lebanon's business leaders more than worried
- Oil wells, taxes, and scare tactics: how the IS has been making money all this time
- UAE still has to decide on diversifying foreign exchange reserves
- Egypt’s central bank said reserves and economy are safe
- UAE to reallocate 10% of foreign exchange reserves in euros
- Egypt's foreign reserves increase for second consecutive month
- Foreign handouts do 'pay' after all: Egypt foreign reserves rise to $17.414 billion in March