By: Heba El-Kordy

Cairo – Mubahser: Interbank transactions increased to $7.5 billion at the end of July, the Central Bank of Egypt's (CBE) board member Fakhry Elfiky said.

The rise in interbank transactions was ascribed to the termination of the foreign exchange repatriation mechanism in December 2018, Elfiky told Mubasher.

Such increase has significantly contributed to the growth in reserves of Egyptian banks abroad to $19 billion at the end of July from $16 billion a month earlier, he noted.

The interbank market is a trading network for currency transactions conducted by financial institutions.

Translated by: Zeinab Adel