Foreign reserves at new record high of USD 36.143 bn

Foreign reserves charting new highs: The central bank’s net international reserves increasedto USD 36.143 bn in August, up fractionally from the previous all-time high of USD 36.036 bn in July. The CBE had cashed out some USD 3 bn to meet Egypt’s foreign debt obligations in July and August, including some to the Paris Club, CBE Deputy Governor Rami Aboul Naga told Al Borsa on Wednesday. A CBE official had told Bloomberg on Tuesday that Egypt cleared its foreign-trade and import FX backlog, clearing some USD 49 bn in trade-financing transactions between the EGP float and August.