Foreign currency reserves can cover 6 months of imports: CBE

The foreign currency reserves at the Central Bank of Egypt (CBE) are able to cover Egypt's imports for a period of six months as of the end of January, after Egypt's net foreign reserves rose to US$26.363 billion last month, assistant sub-governor Rami Aboulnaga said on Tuesday.

The CBE said on Sunday that Egypt's net foreign reserves rose to US$26.363 billion at the end of January, from US$24.265 billion as of the end of December.

Gamal Nagm, the deputy governor of the CBE, said on Tuesday that the decision to float the currency has had a positive impact on banks. He explained that income statements for the fiscal year showed a 60 percent increase in banks' net profit growth for 2016, to reach about LE56 billion.

He added that the banking sector enjoys high levels of liquidity, enabling it to provide funding to various economic activities and to carry out its assigned role in financial intermediation, in order to ensure that targeted economic growth rates are achieved.


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