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Egypt’s international reserves consist of foreign currencies, gold, special drawing rights (SDR), and net IMF loans. The FX reserves support the local currency, whilst fulfilling the country’s overseas obligations, and guaranteeing Egypt’s imports of basic commodities for several months.
At the end of last week, the National Bank of Egypt (NBE) reported that the Egyptian pound was trading at EGP 16.21 to buy and EGP 16.11 to sell. It currently stands after its appreciation against the US dollar, at EGP 16.17 to buy and EGP 16.07 to sell.
Gold reserves decline, SDR countered FX hike, curbing net foreign reserves increase to $107m in November, according to CBE
Moving parts involved in current trade negotiations are similar to those evident during mid-1980s
FX reserves increased to $44.352bn end of May: CBE
The foreign exchange (FX) reserves balance at the Central Bank of Egypt (CBE) continued to rise during May 2018 to reach $44.14bn, up from $44.03bn at the end of April, rising by $110m. The level of foreign exchange reserves marks the highest ever in the history of the CBE. The level of reserves covers over …
Most of the foreign exchange (FX) flows to banks are being directed to alleviating longstanding pressure on the corporate and household sectors to spur economic activity and reduce inflationary pressures, while meeting the demands of foreign companies and investors for repatriation. According to Arqam Capital’s report “The Devil in the FX” published in February, the …
Slower private consumption and investment growth in the short term to be largely offset by an improved net import position
Forward exchange rate is expected to register 11.20 in Q4 2016, says Bank of America