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Tuesday, 5 December 2017

FX reserves stable at USD 36.7 bn in November

Egypt’s FX reserves were essentially stable at USD 36.723 bn at the end of November from USD 36.703 bn at the end of October, the central bank said on Monday. With reserves at a comfortable level, the CBE has begun unwinding FX crisis-era measures to restrict outflows, including repealing caps on USD deposits and withdrawals last week.

The CBE also paid back USD 2 bn to the African Export-Import Bank on Monday as part of a USD 3.2 bn loan, state news agency MENA reported on Monday. The central bank plans to repay the remaining USD 1.2 bn by the end of this month, according to Reuters. These repayments will part of some USD 14 bn in foreign debt obligations the government plans to service during this fiscal year.

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