Cairo - Mubasher: The Central Bank of Egypt (CBE) announced on Monday, that the country’s net international reserves reached $23.058 billion at the end of November 2016, increasing by $4.017 billion from its level in October.
Egypt’s foreign exchange reserves reached $19.041 billion in October, $19.592 billion in September, $16.564 billion in August, and $15.536 billion in July, according to the data of the CBE.
Last week, the Central Bank of Egypt (CBE) decided to float the Egyptian pound, which means that exchange rates will be decided according to the market's supply and demand, it also increased interest rates by 300 basis points.
In a recent report, Prime Research said that the Egyptian foreign reserves could reach $28 billion by the end of the year, due to the recent finance and loan agreements.
