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IMF: Egypt’s foreign reserves expected to reach $21.2bn in June 2016

The IMF’s mission to Egypt projected that central bank of Egypt  CBE’s foreign reserves reach US$21.2billion by the end of the next fiscal year 2015/2016, equivalent to 3.2 months of import.

"The authorities aim to increase reserves to the equivalent of 3 months of imports by the end of 2014/15 and 3½ months of imports over the medium term, although continued external financing will be needed to achieve these goals,"  the IMF’s mission said in report.

The report point out, that " Political uncertainties have weighed on both tourism and capital flows, leading to a decline in reserves from 6.8 months of imports in mid-2010 to 2½ months of imports in December 2014."

The volume of foreign exchange reserves has increased by $ 97 million to $ 15.429 billion at the end of January 2015.

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