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Cash reserves fall by $1bn in May: CBE - Daily News Egypt

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Cash reserves fall by $1bn in May: CBE

Government works to attract investments of between $6bn-$8bn by the end of 2015 to push reserves growth


Central Bank of Egypt
Cash reserves rose to $20.5bn by the end of April, after Egypt obtained deposits worth $6bn from Saudi Arabia, the UAE and Kuwait
(DNE Photo)

Foreign currency cash reserves fell by $1bn at the end of last May, according to a brief report by the Central Bank of Egypt (CBE) published on Saturday.

Cash reserves rose to $20.5bn by the end of April, after Egypt obtained deposits worth $6bn from Saudi Arabia, the UAE and Kuwait. This was based on pledges from the three countries made at the Sharm El-Sheikh Summit held in March to support the Egyptian economy.

The government aims to reduce the deficit rate by the end of fiscal year (FY) 2014/2015 to 10%, and down to 8% within three years. The government is counting on the growth of direct investment in FY 2014/2015 to push cash reserves and reduce deficit rates.

Foreign direct investments increased in the first nine months of FY 2014/2015 to $5.7bn, compared to $3.1bn during the same period in FY 2013/2014.

Investment Minister Ashraf Salman said in a press statement to Daily News Egypt that the government is targeting foreign investments of between $6bn and $8bn by the end of FY 2014/2015.

 

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https://dailyfeed.dailynewsegypt.com/2015/06/07/cash-reserves-fall-by-1bn-in-may-cbe/
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