Cairo – Mubasher: Egypt’s net foreign reserve grew 0.24% month-on-month, or $108 million, at the end of November 2019.
The North African country’s foreign reserve went up to $45.354 billion at the end of last month, compared to $45.246 billion a month earlier, according to data released on Tuesday by the Central Bank of Egypt (CBE).
In October, the CBE signed an agreement with the Saudi Fund for Development (SFD) to extend the maturity of Saudi deposits held by the Egyptian central bank.
During the period from May 2012 to June 2017, Saudi Arabia, the UAE, and Kuwait deposited a total amount of $8 billion with the CBE. Egypt was scheduled to repay $5.2 billion to Saudi Arabia last October.