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FinancialNews
05-09-19
Forex reserves in Egypt hit USD44.97b
(MENAFN) On Wednesday, the Central Bank of Egypt (CBE) revealed the country to have registered a surge in its foreign exchange reserves by the end of last month to stand at USD44.97 billion.
CBE unveiled "Egypt's forex reserves increased by 53 million dollars to reach 44.97 billion dollars at the end of August, up from 44.92 billion dollars in July."
Since the end of 2016, Egypt has been working on a tough economic reform plan with three-year duration, with local currency floatation as the first step.
Egypt further launched under the program austerity measures, energy subsidy reductions as well as hikes in taxes.
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