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Thursday, 6 July 2017

Egypt’s net FX reserves grow to USD 31.3 bn in June

Egypt’s net FX reserves grew a measly USD 180 mn to USD 31.3 bn in June, up from USD 31.1 bn in May, the CBE said in a statement. The growth was one of the smallest month-on-month gains in net FX reserves since the CBE floated the EGP back in November.

…On the flipside, CBE Governor Tarek Amer confirmed in an exclusive to Enterprise that Tuesday saw FX inflows hit a single-day record of USD 704 mn. We had noted reports yesterday that the figure amounted to USD 618 mn. Other CBE sources tell Al Masry Al Youm that Monday’s inflows had reached USD 420 mn, for a total of USD 1.1 bn over those two days. A report by MENA news agency citing CBE officials on Monday had noted that inflows since the EGP devaluation had hit USD 54 bn. It would appear that these record numbers had been behind the rally in the EGP which began on Monday. A spike in demand for the EGP had seen Banque Misr draw in its own single-day high of USD 75 mn, said bank chairman Mohamed El Etreby, according to Al Ahram.

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