Egypt hopes to reach US$30 billion in net foreign currency reserves by Fiscal Year 2018/19, and $22.9 billion is expected to be reached at the end of the current fiscal year, with the help of financial aid from the Gulf, according to the Governor of Central Bank of Egypt, Hisham Ramez, quoted by Al Mal newspaper.
Ramez asserted that $6 billion in deposits from the Gulf will be delivered at the same time.
He also clarified that the CBE is currently negotiating the deposits’ interest rate and the due date with the donor countries. GoE aims to reset the Gulf’s deposits interest rate to zero and extend the due dates to over 3 years to minimize the short-term debt risk.
Egypt's foreign currency reserves slightly increased in February, recording $15.45 billion, compared to $15.42 billion in January.
