Egypt's net foreign reserves rise to $33.532 billion in November - c.bank

Egypt's net foreign reserves rose slightly to $33.523 billion in November from $33.411billion in October, the central bank said on Tuesday.

The Central Bank of Egypt (CBE) has published a circular to explain inquiries about discontinuing the private sector industrial, agricultural and construction sectors initiative.

The CBE has called off its low-interest initiatives for the private sector in the industry, agriculture, and construction fields. The initiatives had allowed the private sector to acquire loans with a decreasing eight percent interest rate.

The CBE sent a circular to banks operating in the Egyptian market announcing they will no longer manage the 8% low-interest rate initiatives, handing off the responsibility to the Ministry of Finance.

The beneficiaries will repay their dues for the short-term facilities they had secured over one year.

Regarding the medium- and short-term credit facilities offered to the beneficiaries under these initiatives; the balances will continue to be disbursed within the approved maturities.

In the event that the customer wishes to renew or increase any credit facilities granted within low-interest rate initiatives, this shall be done according to the prevailing interest rates