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Egypt foreign reserves up at $17.414bn in March: Central Bank

Reuters – Egypt’s foreign reserves rose to $17.414bn in March from $17.307bn in February, the Central Bank said on Monday. Reserves fell sharply after a 2011 uprising that ousted President Hosni Mubarak but were lifted last year when Gulf Arab states gave billions of dollars in aid to the army after it deposed elected Islamist …

Daily News Egypt

Egyptian foreign reserves edge up in March: Central Bank head

Reuters – Egypt’s foreign reserves rose to around $17.42bn in March from $17.307bn in February, central bank governor Hisham Ramez said, edging further away from critical lows they hit last year. The reserves fell sharply following the uprising that ousted President Hosni Mubarak in early 2011, but have been bolstered since last summer when Gulf …

Daily News Egypt

CBE governor denies resignation

The governor of the Central Bank of Egypt (CBE) Farouk Al-Oqda denied tendering his resignation after attending the cabinet’s economic committee meeting Sunday. Rumours concerning the resignation of Al-Oqda spread after President Morsy’s meeting with Hisham Ramez, deputy governor of the CBE. State TV reported Saturday that Al-Oqda resigned and that he will be replaced …

Liliana Mihaila

Army sees further drop in FX reserves, says paper

By Tamim Elyan /Reuters CAIRO: Egypt’s foreign reserves are expected to fall by more than $5 billion to $10.4 billion by the end of June, a newspaper quoted a top army finance official on Wednesday as saying, a sign the government plans to continue defending the currency until then. The political and economic turmoil since Hosni …


Egypt gains after central bank cuts reserve ratio

By Reuters CAIRO: Commercial International Bank and other financials lifted Egypt’s main index to a 1 percent gain, a day after the central bank cut its reserve requirement on local currency deposits, traders said. The central bank said on Tuesday the requirement would be lowered to 12 percent from 14 percent, in a move aimed …


Egypt central bank lowers reserve requirement on deposits

By Patrick Werr / Reuters CAIRO: Egypt’s central bank cut its reserve requirement on local currency deposits to 12 percent from 14 percent on Tuesday, in a move to provide banks with more cash to lend to the government and business. The government has increased its borrowing to finance a burgeoning budget deficit since last year’s …


Egypt forex reserves drop slows to $636 mln in Feb

By Patrick Werr / Reuters CAIRO: A decline in Egypt’s net foreign reserves slowed dramatically in February, reducing pressure on the central bank to allow a rapid devaluation of the country’s currency. Foreign reserves fell by only $636 million after having tumbled by close to $2 billion in each of the previous four months. They now …