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Egypt cash reserves notch $16.53billion

Egypt’s reserve of foreign exchange increased from $33.16 billion at the end of October 2015 to the end of the $533.16 billion last February.
04.03.16 | Source: Star Africa

For the fifth consecutive month, Egypt’s cash reserves have increased by $56 million in February 2016, if a statement by the central bank is anything to go by.The latest figures released by the Central Bank of Egypt (CBE) on Thursday revealed that the country’s reserves have hit $16.53 billion more than the $16.47 billion witnessed in January.

Egypt’s reserve of foreign exchange increased from $33.16 billion at the end of October 2015 to the end of the $533.16 billion last February, an increase of about $200 million.

The Egyptian pound (EGP) held steady against the dollar at an official foreign currency auction on Thursday.

The CBE said it sold $38.8 million at a cut-off price of EGP7.7301 to the dollar on Thursday, unchanged from the previous auction.

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