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CBE Reveals Foreign Currency Funds' Usages In 2011, 2012
Mohamed Hamdy Published in Amwal Al Ghad on 02 - 02 - 2013

The Central Bank of Egypt (CBE) revealed the uses of the foreign currency funds allocated by the government for 2011 and 2012 that reached US$ 36.040 billion.
According to CBE's report, the Egyptian General Petroleum Corporation (EGPC) received US$ 9.325 billion; US$ 2.879 billion in 2011 and US$ 6.445 billion in 2012. EGPC received US$ 1.882 billion in Q4 of 2012, the largest value received in a quarter during the two years, the report added.
CBE allocated US$ 8.486 billion to pay off sovereign debt; US$ 5.216 billion in 2011 and US$ 3.270 billion in 2012. The largest value was in Q1 of 2011 which reached US$ 2.827 billion, the report showed.
CBE provided the General Authority for Supply Commodities (GASC) with US$ 12.839 billion to import commodities; US$ 10.327 billion in 2011 and US$ 5.215 billion in 2012.
CBE's report also revealed that US$ 12.83 billion worth of foreign investments exited from Egypt during 2011 and 2012.
Egypt's foreign reserves fell from US$ 36 billion at the beginning of 2011 to US$ 15 billion at the end of 2012.

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