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Aboul Naga’s comments came during the opening session of the Payment, FinTech, and Digital Inclusion Forum and Exhibition (Pafix) on Monday.
Egypt’s banking sector has survived decline in foreign investments, reflecting economic stability
This reserve level is the highest ever in the history of Egypt, and covers more than 8 months of commodities’ imports to Egypt.
Inflation will be at 10%-14%, some analysis points to 17.8%
FX reserves gold value increased by $104m, foreign currencies down by $2.068bn
An additional $12.7m new increase in FX reserves, reaching $44.513bn by the end of November
CBE: $86m increase in value of gold, foreign currencies balance down by $36m
Company expects local currency will stabilise against dollar for rest of 2018, with possibility of slight fluctuation below EGP 18 per dollar
Interest rate cut on pound supported rise in real asset prices on EGX
Foreign exchange reserves at the Central Bank of Egypt continued to rise in April 2018, reaching $44.029bn from $42.611bn at the end of March 2018, an increase of about $1.418bn. This marks the highest level of foreign exchange reserves in the history of the Central Bank of Egypt. The reserves are sufficient to cover over …
CBE, banks proceeds amount to $5.6bn in January, Paris Club premiums down to $350m, including $60m paid in December 2017, $290m in January