Egypt’s FX Reserves to Report Slight Fall in November – C.Bank Governor

Central Bank of Egypt (CBE) Governor Hisham Ramez said Egypt’s foreign currency reserves will record a slight decline during November, 2013 compared to a month earlier.

The reserves were $18.59 billion at the end of October, Ramez said, adding that the November figure is due out soon.

Ramez further revealed in a keynote speech at the Gulf-Egyptian Investment Forum an ambitious plan by which the Egyptian Central Bank is aiming to support the SMEs as well as the mortgage sector,  notably the middle-class houses.

The top official has emphasized on the capability of the Egyptian banking system to face the ongoing economic challenges, with no need for any governmental or foreign assistance.