Egypt central bank chief aims to raise FX reserves to $25 billion in 2015

Egyptian Central Bank Governor Tarek Amer said the bank aims to increase Egypt’s foreign reserves to $25 billion by the end of 2016, according to the local newspaper Youm 7.

“The central bank’s decision on Tuesday to lift foreign currency deposit and withdrawal caps for individuals will greatly contribute to increasing Egypt’s foreign reserves over the current period,” Youm 7 quoted Amer as saying on Tuesday, in what the newspaper called exclusive remarks.

Reserves stood at $16.53 billion at the end of February.

Source: Reuters