Central Bank of Egypt foreign reserves increase

Central Bank of Egypt foreign reserves increase
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Published October 31st, 2012 - 10:22 GMT via SyndiGate.info

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The Central Bank of Egypt has announced that foreign reserves have increased
The Central Bank of Egypt has announced that foreign reserves have increased

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.

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