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CBE: Egypt's Net Foreign Reserves Up to USD 44.258 Billion in June
Source: www.export-egypt.com 7/6/2018

Egypt’s foreign currency reserves spiked by USD 120 million to reach USD 44.258 billion at the end of June, the Central Bank of Egypt (CBE) announced .

The nation's foreign currency reserves have been climbing for the 32 months in a row, the CBE said.

The rise in the country's foreign reserves was driven by the CBE's good management of the monetary policy file and cash reserves, with a commitment to settle all external obligations, bankers told MENA.

Egypt received on Friday the fourth tranche, valued $2 billion, out of a total $12 billion loan from the International Monetary Fund.

In November 2016, the IMF and Egypt reached an agreement on the three-year loan under which Egypt gets $4 billion annually.



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