Egypt's foreign reserves inch up to $16.4bn in November

Egypt's foreign currency reserves rose slightly by about 7 million dollars to reach 16.4 billion dollars in November, announced the Central Bank of Egypt (CBE) on Thursday.

The stability of the cash reserve, despite pumping more than 1.5 billion dollars to the market to cover import demands, is considered a positive sign and indicate confidence in Egypt's economy, bankers told MENA in statements Thursday.

At the end of last month, the CBE held an exceptional auction to sell 1 billion dollars of its foreign reserves in efforts to cover import demands.

The CBE also pumped 547 million dollars to pay requests for payment transfers of all foreign investors.