CBE: Egypt’s forex reserves rise in May

The Central Bank of Egypt (CBE) on Wednesday announced a $450-million increase in Egypt’s foreign currency reserves during the month of May.

According to the CBE website, the bank held US$35.1 billion in net foreign exchange reserves as of the end of May 2010, compared to $34.65 billion at the end of the previous month and $34.5 billion as of the end of March 2010.

On 17 June, the CBE announced its decision to keep overnight deposit and lending rates unchanged. The move marked the sixth consecutive time for interest rates to be kept unchaged since a series of rate reductions that began in February 2009.

Translated from the Arabic Edition.

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