Total foreign currency deposits in Egyptian banks increased by $1.1 billion in February. According to recent data from the Central Bank of Egypt, net foreign exchange reserves rose to $40.36 billion by the end of March. That points to a rise in reserves by almost 14.4 percent from $35.31 billion at the end of February.
According to the data, customer deposits in foreign currencies rose to $ 50.8 billion in February compared to $ 49.7 billion in January. The increase in foreign currency deposits in February was the highest ever and came in conjunction with Egypt's signing of the largest investment deal with the UAE worth $ 35 billion to develop Ras El Hikma City.
Source (Al-Arabiya.net Website, Edited)
