Central Bank of Egypt up by two billion dollars

The latest report released by the Central Bank of Egypt (CBE) reveals that the net reserves of foreign currencies have increased by US $2 billion over the months of July through October 2005.

An Egyptian government report said: CBE governor Farouk El-Okda said that the amount accounts for a 10.1 per cent increase. The net total by the end of October was put at US $21.3 billion, which covers our imports for 10 and half months.

He noted that the Balance of Payments has achieved a surplus of US$ 4.5 billion in the fiscal year 2004/2005 as compared to US $3.4 billion in the previous year, due to the improvement in services and the net amount of transfers.

The report also indicated an increase of direct foreign investments in Egypt, now estimated at US $3.901.9 billion including oil investments compared to US $407.2 only in the previous year.

The report further pointed to an increase in credit bank facilities in the months of July through September by US $1.6 billion.

Local liquidity reached LE514.9 billion by the end of September 2005 with an increase of LE 20.9 billion.