Egypt's Foreign Reserves Climb to $26.3 Bin in January: CBESource: www.export-egypt.com 2/5/2017, Location: Africa |
|
|
|
|
 The Central Bank of Egypt (CBE) said that the country's foreign reserves hit $26.3 billion at the end of January 2017, rising from $24.2 billion last month.
The announcement comes a few days after central bank governor Tarek Amer said that Egypt received a total of $4 billion in yields from Eurobonds issued on the global bond market last week.
Egypt had $36 billion in reserve before the 2011 uprising that overthrew president Hosni Mubarak ushered in a period of political turmoil, scaring away tourists and foreign investors, two key sources of foreign currency. In late December, the World Bank's Board of Executive Directors approved the release of the second $1 billion tranche from a $3 billion loan package to support Egypt’s economic reform programme. Egypt also received last month the second $500 million tranche from a $1.5 billion loan package from the African Development Bank. In November, the CBE received an initial $2.75 billion from the International Monetary Fund (IMF) as part of a $12 billion loan. A second tranche of the loan will be disbursed to Cairo in late April. Among the benchmarks needed for the second tranche are money supply, credit from the CBE, reducing the budget deficit and increasing international reserves, according to the head of the IMF's mission to Egypt Chris Jarvis. In November, Egypt's central bank decided to freely float the pound and raise key interest rates to alleviate a dollar shortage in the country. |
|
|
Financials and Investment News in Egypt >> |
 |
|||||
|
Egypt >> 11/21/2024 - An International Monetary Fund (IMF) mission led by Ivanna Vladkova Hollar wrapped up in-person discussions with Egyptian authorities in Cairo regardi...
|
Egypt >> 11/21/2024 - The Engineering Export Council of Egypt (EEC) revealed that engineering industry exports increased by 25.6 percent from January to September, reaching...
|
|
Egypt >> 11/20/2024 - Prime Minister Dr. Mostafa Madbouly held a meeting this morning at the government headquarters in the New Administrative Capital with Mr. Chang Won Sa...
|
Egypt >> 11/20/2024 - Egyptian Prime Minister Moustafa Madbouly, with Mahmoud Esmat, Minister of Electricity and Renewable Energy Minister, and Sultan Al Jaber, UAE Ministe...
|
|
Egypt >> 11/20/2024 - Egypt and Australia have seen a significant surge in their bilateral trade relationship, with the trade volume increasing from $270 million in 2015 to...
|
Egypt >> 11/20/2024 - Egyptian Prime Minister Moustafa Madbouli chaired the Cabinet’s weekly meeting in the New Administrative Capital.
The Cabinet is set to add... |
| Egypt Oil & Gas 1 >> 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 | 60 | 61 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | 70 | 71 | 72 | 73 | 74 | 75 | 76 | 77 | 78 | 79 | 80 | 81 | 82 | 83 | 84 | 85 | 86 | 87 | 88 | 89 | 90 | |
