Egyptian banks’ foreign deposits rose 2.9% in March, says c.bank

The foreign currencies of Egypt’s banks increased by 2.9 percent, reaching 693.69 billion Egyptian pounds ($39.2 billion) in March 2018 from 673.66 billion pounds a year earlier, said Central Bank of Egypt (CBE) on Monday.

On a monthly basis, deposits in foreign currencies rose slightly in March, compared to 689.8 billion pounds in February, CBE further said.

The CBE had posted that the North African nation’s foreign reserves rose to $42.611 billion at the end of March 2018 from $42.524 billion a month earlier.