2 January 2018

Egypt's FX Reserves Expected to Rise to $39.8 Billion in 2018 - EFG Hermes

Egypt's foreign exchange reserves are expected to jump in the next financial year 2018-2019, as it is expected to rise to a new record at $39.8 billion, according to EFG-Hermes.

The figure came in a report filed by the Egypt-based bank on its economic expectations for the country in 2018. A copy of the report was obtained by MENA on Monday1/1/2018 .

It predicted tourism revenues to grow to more than $8.4 billion and the Suez Canal's revenues will increase to about $5.3 billion.

Other factors, like a drop in imports and Egypt's growing production of gas new supplies started to flow from the giant field Zohr and other western Nile Delta gas fields in 2017, will save a large portion of the foreign reserves and reduce pressure on the local currency, the report read.

The Central Bank of Egypt (CBE) announced in December that the foreign exchange reserves in Egypt reached about $36.723 billion by the end of November, which is the highest rate in its history.

The volume of the foreign reserves of December will be announced by the end of the week.

Egypt

Salah Named Player's Player of the Year in Premier League

Liverpool's Egyptian winger Mohamed Salah has been crowned the men's PFA Players' Player of the Year at the 45th PFA… Read more »

Copyright © 2018 Egypt State Information Service. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 800 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.