Egypt’s Foreign Currency Reserves Inch up to $ 18.9 bnSource: www.export-egypt.com 10/23/2013, Location: Africa |
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Central Bank of Egypt Governor Hisham Ramez said on 22/10/2013 that Egypt's foreign currency reserves inched up to reach $ 18.91 billion in August.
Speaking to CBC satellite channel, Ramez said that Egypt's foreign currency reserves have leapt up to $ 18.9 billion, calling for more work to get things to normal and boost production. He asserted that Cairo will not fail paying its debt installments despite the difficult transition. Asked about the $ 2 billion Qatari deposit, Ramez said that he took the decision to return the money after talks on converting it into three-year bonds break down. It was necessary to return it back, he said, adding that it was a mere economy-based decision that was taken away from the political situation. The government should work on creating new jobs, he noted, referring to the unemployment that jumped to 13.3%. |
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