Egypt foreign currency reserves up

Central Bank of Egypt governor Hisham Ramez said on Tuesday that Egypt's foreign currency reserves inched up to reach $18.91 billion in August. Speaking to CBC satellite channel, Ramez said that Egypt's foreign currency reserves have leapt up to $18.9 billion, calling for more work to get things to normal and boost production. He asserted that Cairo will not fail paying its debt installments despite the difficult transition. Asked about the $2 billion Qatari deposit, Ramez said that he took the decision to return the money after talks on converting it into three-year bonds break down. It was necessary to return it back, he said, adding that it was a mere economy-based decision that was taken away from the political situation. The government should work on creating new jobs, he noted, referring to the unemployment that jumped to 13.3%. He also said that negotiations with the International Monetary Fund were not acceptable at all due to improper behavior of some key figures in the IMF. The interim government announced in August that it has temporarily halted the IMF loan negotiations.