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Egypt's central bank to raise required reserve ratio to 14 pct from 10 pct
October 3, 2017 / 6:30 PM / 17 days ago

Egypt's central bank to raise required reserve ratio to 14 pct from 10 pct

CAIRO, Oct 3 (Reuters) - Egypt’s central bank plans to raise the required reserve ratio on local currency deposits to 14 percent from 10 percent for domestic banks, effective Oct. 10, the bank said on Tuesday.

“In the light of the Egyptian banks strong financial indicators and improving performance and profitability that have been reflected in the financial and monetary stability, it is appropriate to restore the ratio back to previous rates,” the statement said. (Reporting by Ehab Farouk; Writing by Amina Ismail; Editing by Larry King)

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