Egypt sees March foreign reserves at over USD28.5bn, highest since 2011
The Central Bank (CBE) expects foreign reserves to jump to over USD28.5bn in March 2017, the highest since March 2011, according to the Deputy Governor, Rami Aboul Naga. Net foreign reserves were at USD26.542bn at the end of February with Egypt received the second USD1bn tranche out of the USD3bn loan from the World Bank in March. Meanwhile, foreign currency inflows into the banking system have reached cUSD17bn since the pound was floated in November.
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