Net foreign exchange reserves increase to $24.265bn

The Central Bank of Egypt (CBE) announced on Thursday that the net foreign exchange reserves increased to $24.265bn at the end of December 2016, compared to $23.05bn in November.

This means that the CBE has neared its target of foreign exchange reserves estimated at $25bn.

The governor of the CBE, Tarek Amer, stressed in a November press conference that the aim to take reserves to the level of $25bn by the end of January 2017 is still being taken seriously.

Reserves increased in December with support from increases in the foreign currency basket, which reached $21.150bn compared to $19.829bn in November.