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Egypt Buys Local Currency From Market

Egypt’s central bank has intervened in the currency market to buy Egyptian pounds.

Egypt’s central bank has intervened in the currency market to buy Egyptian pounds, The Wall Street Journal reports. The local currency was purchased through banks trading the currency.

With the latest intervention the foreign currency reserves at the central bank have reached $36 billion, adds Xinhua. The Central Bank of Egypt has also issued Egyptian treasury bonds worth $2.21 billion along with the Egyptian finance ministry.

Click here for the story from The Wall Street Journal.

Click here for additional coverage from Xinhua.

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