Reserves at highest level since 2011
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.