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Balancing Egypt?s international reserves

Egypt?s international reserves reached unprecedented levels in December 2017 at $37.019 billion, an amount surpassing the pre-revolution figure of $36 billion.While the government is targeting maintaining the foreign reserves at around $36 billion in 2018, it is also set to pay off more than $12 billion of debts this year, state news agency MENA reported earlier this month, citing a source in the Central Bank of Egypt (CBE).This month alone, the CBE is set to pay $700 million to the Paris Club of debtors as part of its total debt to the club which currently amounts to $3.7 billion.The repayment is part of the bi-annual installments owed to the club, usually paid in January and July.
Source: Latest News

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