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UAE deposit boosts CBE foreign exchange reserves by $1bn in August - Daily News Egypt

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UAE deposit boosts CBE foreign exchange reserves by $1bn in August

The Central Bank of Egypt (CBE) revealed on Sunday evening that its foreign exchange reserves increased by $1.028bn at the end of August


The Central Bank of Egypt (CBE) revealed on Sunday evening that its foreign exchange reserves increased by $1.028bn at the end of August 2016.

According to the CBE, its foreign exchange reserves registered $16.564bn in August. In July, the reserves stood at $15.536bn.

The bank stated in a detailed statement on its website that the balance of foreign currency has risen by about $1.031bn in August 2016, reaching $13.022bn from $11.991bn in July.

The statement by the CBE did not specify the reason behind the increase. However, CBE governor Tarek Amer said on 24 August that the bank received $1bn as a six-year deposit from the Abu Dhabi Fund for Development.

The CBE figures also noted that the value of gold assets has dropped by $9m, reaching $2.726bn from $2.735bn in July 2016.

Meanwhile, the value of special drawing rights (SDRs) rose by $7m to record $796m in August from $789m in July.

Furthermore, the value of loans from the International Monetary Fund dropped by $1m, registering $45m in August compared to $46m in July.

https://ww.dailynewssegypt.com/2016/09/05/uae-deposit-boosts-cbe-foreign-exchange-reserves-1bn-august/
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