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FX reserves end 2017 at record high of $37.02bn - Daily News Egypt

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FX reserves end 2017 at record high of $37.02bn

Forex reserves increased by $333m, despite payment of $3.2bn to Afreximbank, says CBE

Foreign-exchange reserves at the Central Bank of Egypt (CBE) reached a record high at the end of 2017, totalling $37.02bn at the end of December, up from $36.723bn at the end of February, marking an increase of $296.6m.

According to figures from the CBE, foreign currencies at the CBE at the end of December increased by $333m, to settle at $33.575bn—up from $33.242bn in November 2017.

Meanwhile, the value of gold listed on the CBE’s reserves in December fell by $29m to $2.673bn, from $2.702bn in November.

The value of the special drawing rights (SDR) on the reserves reached $749m in December compared to $753m in November. Loans to the International Monetary Fund (IMF) also reached $24m in December, against $28m the month prior.

The increase in reserves in December comes despite paying $3.2bn to the African Export–Import Bank (Afreximbank).

Prior to the end of December, the CBE received a new $2bn portion of the $12bn loan from the IMF. Egypt has, so far, received $6bn of the total loan.

On Monday, an official source at the CBE said that Egypt has paid $30bn in debts and liabilities to foreign parties in 2017 and is committed to repay over $12bn in 2018.

The source explained that the $30bn paid in 2017 includes foreign bonds and debts to a number of international banks, including the Afreximbank, next to deposits and loans from countries including Saudi Arabia, Libya, and Turkey, and commitments owed by government agencies, the Egyptian General Petroleum Corporation (EGPC), and dues to the Paris Club.

Earlier in December, a government source told Daily News Egypt that the United Arab Emirates agreed to renew its deposit with the CBE for a period of five years, ending in July 2023.

The UAE had deposited the money in July 2013 and it was set to be returned in July 2018.

The UAE deposited another deposit in August 2016 at the CBE worth $1bn for six years, due in August 2022.

According to the source, Egypt has received initial approval from Saudi Arabia to renew a deposit of similar value to the UAE’s, noting that Egypt is currently negotiating on the terms of renewal.

Saudi Arabia had deposited $2bn at the CBE in July 2013, due in July 2018. Saudi Arabia made another deposit in September 2016 worth $2bn.

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