CBE expects reserves to reach USD 28.5 bn in March

The Central Bank of Egypt expects FX reserves to jump to over USD 28.5 bn in March, since March 2011 when the figure plunged after the events of 25 January, CBE Assistant Sub-Governor Rami Aboul Naga noted yesterday. Reserves had hit USD 26.5 bn in February, with the increase likely coming from Egypt receiving the USD 1 bn second tranche of the World Bank loan and the USD 500 mn tranche of the African Development Bank loan. Aboul Naga noted that USD 17 bn in FX has flowed into the banking sector since the float of the EGP, Al Shorouk reports.