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Obligations to foreigners are behindDecember's falling reserves: official

Monday 07 January 2019 11:32 PM


By Mohmed Salem

With  Egypt's foreign exchange reserves plunging  by USD2bn in December, a senior official at the Central Bank of Egypt attributed the decline to the re-payment of treasury dues owed to foreign investors as well as to U.S dollar-denominated interest payments.

Also, CBE has used a portion of the foreign exchange reserves to pay debts of ministeries and governmental organizations owed to foreigner parties. 

Foreign exchange reserves netted USD42.551bn late December, decreasing by USD2bn as compared with the previous month, according to statement released by CBE.