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An official source with the Central Bank of Egypt revealed that Egyptian bank balances and reserves abroad fell from $ 10.2 billion last April to $ 19.2 billion at the end of November.
In statements to the Middle East News Agency, the source said that Egyptian bank balances abroad jumped over the period by 90%, or $ 9 billion, in addition to the balances of international foreign exchange reserves, despite the repercussions of the Corona virus.
Haytham Adel, head of treasury and financial markets at the Industrial Development Bank, believes that this jump in the volume of Egyptian bank balances in dollars abroad reflects the good management of the managers of the Egyptian banking sector, and the good proactive vision that the Central Bank has taken to spare the banking sector from the repercussions of the current Corona crisis.
Adel added that Egyptian bank balances and reserves in dollars abroad have returned to their previous record rates, despite current conditions, whether locally or internationally.
The head of the treasury and financial markets sector at the Industrial Development Bank stressed that this reflected the success of monetary policy and was one of the positive results of the economic reform program that Egypt implemented these last years.
It should be noted that Egypt’s foreign exchange reserves increased at the end of last November, registering $ 39.221 billion.
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