Reasons behind Egypt’s record of foreign reserves to above $37B

CAIRO – 3 January 2018: Egypt’s international reserves hit an unprecedented level in December as it recorded $37.019 billion, according to the Central Bank of Egypt’s (CBE) announcement on Wednesday. The record came as a result of improving sources of foreign currency, such as exports and remittances of Egyptians abroad, an official source in the CBE told Egypt Today. Dollar …