The Central bank of Egypt’s (CBE) monthly economic bulletin reported an improvement in the performance of its balance of payments and an increase in net foreign assets held by the CBE during the period of July to November 2001, equivalent of 1.8 billion Egyptian Pounds ($389 million). This figures translate into an increase of 9.2 percent, reported Al Ahram.
The report also pointed to an EP 1.8 billion increase in the level of reserve holdings, equivalent to a 2.6 percent increase during the same period. The report indicated that local currency deposits increased by eight billion pounds from July to November 2001. This is more than the increase in foreign currency deposits, which was equivalent to EP 4.6 billion. — (menareport.com)
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