CBE head aims to raise FX reserves to $25 bln this year, newspaper reports
A man walks past an exchange bureau advertisement showing images of the U.S dollar in Cairo, Egypt, February 21, 2016. REUTERS
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CAIRO: Egyptian Central Bank Governor Tarek Amer said the bank aims to increase Egypt’s foreign reserves to $25 billion by the end of 2016, the local newspaper Youm 7 reported on Tuesday.

“The central bank’s decision on Tuesday to lift foreign currency deposit and withdrawal caps for individuals will greatly contribute to increasing Egypt’s foreign reserves over the current period,” Youm 7 quoted Amer as saying, in what the newspaper called exclusive remarks.

Reserves stood at $16.53 billion at the end of February.

 

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