CBE: Banking Sector Fed In $33.7b to Cover State Needs

CBE: Banking Sector Fed In $33.7b to Cover State Needs

The Egyptian banking sector has provided approximately $33.7b to cover the needs of the state and importers requests for foreign exchange between November 2015 and end of April 2016, according to the Governor of the Central Bank of Egypt (CBE), Tarek Amer, Daily News Egypt reported.

Amer met President Abdel Fattah El Sisi to discuss the CBE’s efforts to further increase the foreign exchange reserves with more than $1b in recent months. The CBE’s policy is to continue supporting the reserves in order to preserve monetary stability, MENA.FN wrote.

Amer also discussed the CBE’s efforts as well as those of other banks to provide foreign currency to import fuel and gas supplies to provide electrical energy regularly.


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