5 February 2018

Egypt: CBE - Egyptian Banks' Hard Currency Toll Hits 5.6 Billion Dollars in January

The Egyptian banking sector's toll of hard currency hit 5.6 billion dollars in January, recording a 1.5-billion-dollar increase compared with December, deputy governor of the Central Bank of Egypt Rami Abul Naga told MENA late on Sunday4/2/2018.

He said Egypt paid back 350 million dollars of its financial dues to Paris Club. The sum was paid in installments in December and January, he added.

Paris Club is an informal group of official creditors who provide debt treatment to countries undertaking economic reforms.

Also, Egypt's hard currency reserves increased by 2.2 billion dollars in January to hit a record of 38.2 billion dollars thanks to the package of economic reforms the government began to apply as of the end of 2016.

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