Foreign Currency Reserves "Safe", 14% Increase in DepositsSource: www.export-egypt.com 1/9/2014, Location: Africa |
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Minister of Finance Ahmed Galal said that the foreign currency reserves are safe and exceed $17 billion in the Central Bank of Egypt (CBE), adding that the reserves would cover Egypt's imports for three months.
Galal pointed out that there is a positive development in the Egyptian economy's indictors because of the policies adopted by the government. He expected that the positive effects would be doubled in the third quarter of the Fiscal Year (FY) 2013/2014. He also uncovered that Egypt is currently negotiating with the Kingdom of Saudi Arabia (KSA) and United Arab Emirates (UAE) for the second financial package, asserting that the second financial package would includes deposits, investments and financial facilities. For his part, Chairman of the National Bank of Egypt (NBE) Hisham Okasha said that the banking deposits increased by 14%, which proves the international financial institutions' keenness on investing in Egypt. |
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