Foreign Reserves Won’t be Less than US$17 bln by Jan-End: CBE’s Governor

Hisham Ramez, the Governor of the Central Bank of Egypt (CBE) said the foreign reserves reaches US$17 billion at this moment and it won’t reduce by the end of January despite the exceptional auction to sell US$1.5 billion on the last Monday January27.

Ramez asserted that the foreign reserves up $17 billion and it won’t reduce by the end of the current month , although EGP700 million paid yesterday and $500 million will be provided for the banks monthly.

The total foreign reserves are $17.03 billion in December2013 and this is the lowest level since the flow of Gulf aids after June 30 uprising.