Cairo – Mubasher: Foreign reserves at the Central Bank of Egypt (CBE) are on the rise following the UAE’s deposit and the signing of new agreements with China, said board chairman of Banque Misr Mohamed El-Etriby in a TV statement to Al-Asema channel.
The CBE’s foreign reserves fell from $36 billion in January 2011 to $16.56 billion by the end of March 2016, official data has shown.
Import rates have increased recently by 80% from $50 billion to $90 billion, El-Etriby stated, highlighting the importance of trimming imports.
Total imports in the second half of FY15-16 reached $28.59 billion, whereas the full-year FY14-15 saw imports worth $61.3 billion enter the country.
