The Central Bank (CBE) received USD4bn on Tuesday from its Eurobond sale last week, Governor Tarek Amer said. Egypt sold USD4bn of Eurobond in three tranches last week, raising twice as much as it had initially targeted and at lower yields than expected. CBE Governor did not clarify, however, when exactly the money has been transferred; hence, we do not have visibility on whether they will be included in January’s foreign reserves number. The latter are due to be released next week. Foreign reserves stood at USD24.4bn in December. Net of the bond proceeds possible inclusion, we expect January’s foreign reserves to be largely stable, as a Paris Club debt repayment of USD700mn is likely balanced with sustained portfolio inflows. (Reuters, Mohamed Abu Basha)