(MENAFN - Daily News Egypt) The foreign exchange reserves at the Central Bank of Egypt (CBE) recorded a new record high at the end of September 2017, recording $36.535bn, compared to $36.143bn at the end of August 2017—an increase of $392m. According to figures obtained by Daily News Egypt, foreign currencies at the CBE at the end of September 2017 rose by $365m to reach $33.026bn against $32.661bn in August. The foreign exchange reserves increased by more than $21bn over the past 14 months, where it stood at about $15.5bn in July 2016, an increase of more than 135.7%. It, however, expects $1.5bn to enter the reserves from the World Bank and the African Development Bank, along with a new batch of IMF loan, next to the conventional foreign exchange resources. Hence, the current average foreign exchange reserve covers more than seven months of Egypt's commodity imports, which is higher than the world average of about three months.

Source: Daily News Egypt October 03, 2017 10:00 UTC