CBE: foreign reserves rise by $20 million in November

The Central Bank of Egypt (CBE) said that the country’s net foreign currency reserves rose by $20 million at the end of November to $36.723 billion from $36.703 billion at the end of October.

Rami Abul Naga, deputy governor of the CBE, said that the cash reserves recorded an increase during November despite the CBE’s payment of $2 billion in November for the African Export–Import Bank (AFREXIMBANK).

“The $ 2 billion represents the first installment of the African bank’s loan from the total of $3.2 billion owed to the bank by Egypt in December of 2017,” he said.

He explained that the rest of the sum ($1.2 billion) will be paid before the end of December, stressing Egypt’s commitment to pay all its outstanding loans within the time agreed upon.

Edited translation from MENA

Related Articles

Back to top button