Egypt forex reserves, banks secure, says central bank

Byآ Reuters First Published:آ Octoberآ 12,آ 2008 CAIRO: Egypt’s central bank, seeking to reassure investors over Egypt’s exposure to the global financial crisis, said on Sunday its foreign currency reserves and the external positions of Egyptian banks were secure. Central Bank Governor Farouk El-Okdah put the overseas positions of Egyptian banks at around $15 billion, while he said the central bank’s foreign reserves stood at around $35 billion. Okdah, addressing a news conference alongside Egypt’s prime minister and investment minister, said the central bank had its foreign currency reserves primarily invested in sovereign debt instruments, such as US Treasury bills. “Banks, thank God, are strong and in an excellent state,â€‌ he said. But Prime Minister Ahmed Nazif said Egypt could see an indirect impact from the... [read full story]