Net foreign reserves rise to $20 million in November: Egypt’s

The Central Bank of Egypt (CBE) said that the country’s net foreign currency reserves rose to $20 million at the end of November to $36.723 billion from $36.703 billion at the end of October.

Rami Abul Naga, deputy governor of the CBE, said that the cash reserves recorded an increase during November despite the CBE’s payment of $2 billion in November for the African Export–Import Bank (AFREXIMBANK).

“The $ 2 billion represents the first installment of the African bank’s loan from the total of $3.2 billion owed to the bank by Egypt in December of 2017,” he said.

He explained that the rest of the sum ($1.2 billion) will be paid before the end of December, stressing Egypt’s commitment to pay all its outstanding loans within the time agreed upon.

Source: MENA