Re­serves at high­est level since 2011

Business monthly (Egypt) - - IN BRIEF -

Egypt’s net for­eign re­serves rose to $24.265 bil­lion at the end of De­cem­ber, ac­cord­ing to CBE fig­ures. That was up from a level of $23.058 bil­lion at the end of Novem­ber and the high­est since Septem­ber 2011. Since the float of the Egyp­tian pound in Novem­ber, the Cen­tral Bank has ceased hold­ing reg­u­lar dol­lar auc­tions for im­porters. Ac­cord­ing to Reuters, the re­serves also ben­e­fit­ted from “a $2-bil­lion re­pur­chase trans­ac­tion that the Cen­tral Bank se­cured with global banks,” a trans­ac­tion with “a con­sor­tium of in­ter­na­tional banks” that will ma­ture in one year.

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