CBE: Egypt's Foreign Reserves Hit $46.9 Billion

Egypt's net foreign reserves rose by $205 million in October, data from the Central Bank of Egypt (CBE) showed on Wednesday.

The Central Bank of Egypt said foreign reserves rose to $46.942 billion in October from $46.737 billion in September.

Egypt sold one-year euro-denominated treasury bills worth 642.8 million euros in an auction with an average yield of 3.5%, according to data from the Central Bank.

Egypt offered a one-year treasury bill auction worth 600 million euros on Monday, November 4, according to CBE.

Fitch Ratings recently raised Egypt's rating by one level from "B-" to "B", with a stable outlook.

The reasons that prompted Fitch to upgrade Egypt's rating included 7 economic measures taken by the government, including the reduction in the degree of risk and the improvement of the external position of the Egyptian economy with the Ras Al-Hikma deal, the completion of financial discipline measures and the achievement of a large primary surplus of 6.1% and a total deficit of 3.6% of GDP.