CBE aims to raise FX reserves to USD25 billion this year, newspaper reports
Central Bank of Egypt Governor Tarek Amer said the bank aims to increase Egypt's foreign reserves to USD25 billion by the end of 2016, the local newspaper Youm 7 reported on Tuesday. "The central bank's decision on Tuesday to lift foreign currency deposit and withdrawal caps for individuals will greatly contribute to increasing Egypt's foreign reserves over the current period," Youm 7 quoted Amer as saying, in what the newspaper called exclusive remarks. Reserves stood at USD16.53 billion at the end of February. (Reuters)
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