CBE Reveals Foreign Currency Funds’ Usages In 2011, 2012

The Central Bank of Egypt (CBE) revealed the uses of the foreign currency funds allocated by the government for 2011 and 2012 that reached US$ 36.040 billion.

According to CBE’s report, the Egyptian General Petroleum Corporation (EGPC) received US$ 9.325 billion; US$ 2.879 billion in 2011 and US$ 6.445 billion in 2012. EGPC received US$ 1.882 billion in Q4 of 2012, the largest value received in a quarter during the two years, the report added.

CBE allocated US$ 8.486 billion to pay off sovereign debt; US$ 5.216 billion in 2011 and US$ 3.270 billion in 2012. The largest value was in Q1 of 2011 which reached US$ 2.827 billion, the report showed.

CBE provided the General Authority for Supply Commodities (GASC) with US$ 12.839 billion to import commodities; US$ 10.327 billion in 2011 and US$ 5.215 billion in 2012.

CBE’s report also revealed that US$ 12.83 billion worth of foreign investments exited from Egypt during 2011 and 2012.

Egypt’s foreign reserves fell from US$ 36 billion at the beginning of 2011 to US$ 15 billion at the end of 2012.