Egypt's hard currency reserves are at "safe level" and Egypt is committed to paying its debts on due time, a reliable source the Central Bank of Egypt (CBE) said.

In statements to MENA, the source said Egypt will pay cash value of 1 billion dollar bonds to Qatar on January 7 as scheduled.

The CBE has coordinated efforts with banks over the past period to save about 7.6 billion dollars to cater for importation needs of staple commodities and raw materials.

Egypt's hard currency reserves rose by 7 million dollars in November to stand at 16.422 billion dollars. Egypt's foreign debts shaved off about 2 billion dollars to stand at 46.1 billion dollars.