(MENAFN- Qatar News Agency) The International Monetary Fund (IMF) welcomed Monday news that Egypt took some measures to maintain its foreign currency reserves.
The IMF said in a statement released today the new policy implemented by the Egyptian Central Bank to protect foreign reserves, with IMF saying it will help Egypt support its international trade and payments.
The Egyptian central bank announced Saturday that they will start auctioning dollars after Egypt's foreign reserves reached a critical level. The central bank then offered $75 million to banks in a currency auction, with a maximum of $11 million for each bank.
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