$2.3bn to be added to CBE's cash reserves next month

GMT 17:37 2015 Saturday ,28 November

Arab Today, arab today $2.3bn to be added to CBE's cash reserves next month

Cairo - MENA

Egyptian Economist Mohamed Deshnawy expected $2.3 billion would be added to the cash reserves of the Central Bank of Egypt (CBE) in December.

Deshnawy told MENA that the added cash reserves include $ 1 billion from the World Bank as a down payment, $ 500 million from the African Development Bank and $ 500 million as proceeds from selling land of the "homeland house" project.

He said that the Egyptian government managed to reach agreements with the World Bank and the African Development Bank for two loans worth $4.5 billion ($3 billion from the World Bank and $1.5 billion from the African Bank) in batches over the last three years.

These agreements, along with the "homeland house" proceeds, will have a positive impact on Egypt's foreign exchange resources, he added.

They will support the country's cash reserves, currently amounting to $16.4 billion, reduce pressure on the Egyptian pound, and help the CBE under its new leadership in the face of inflation, Deshnawy said.

Egypt has no international financial obligations during the remainder of 2015, which is a positive matter that would improve the CBE's cash reserves fundamentally, he added.

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