CBE Lowers Reserve Requirement on DepositsSource: www.export-egypt.com 5/28/2012, Location: Africa |
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The Central Bank of Egypt (CBE) said on 27/5/2012 it was lowering the reserve requirement on local currency deposits to 10 percent from 12 percent to increase banking sector liquidity. The new ratio will be effective starting June 26, the CBE said in a statement. The CBE has already promised, upon making the decision two months ago, to pursue the developments, impact and how far the new measures and procedures would realize the goals, said Tareq Fayed.
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