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Foreign reserves records $15.45bn in February - Daily News Egypt

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Foreign reserves records $15.45bn in February

International reserves have been revolving around the same value since December


Central Bank of Egypt
Central Bank of Egypt (CBE)
(DNE Photo)

Egypt’s foreign reserves have slightly stabilised in February, registering $15.45bn, compared to $15.42bn in January, the Central Bank of Egypt (CBE) announced on Wednesday.

International reserves have been revolving around the same value for several months as it was recording $15.3bn in December, down from $15.8bn in November 2014.

The CBE has recently repaid debts to the ‘Paris Club’ in January, to which $681m was sent back, and $2.5bn to Qatar, which it had received as a deposit under the rule of former president Mohamed Morsi.

The stability of foreign currency comes in a time when the selling of US dollars through banks have increased, according to CBE governor Hisham Ramez, who increased the number of dollar bids since last December in a move that led to the depreciation of the Egyptian pound against dollar.

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