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Egypt foreign reserves fall slightly in September: CBE

International Foreign Reserves fall to $18.7 billion in September, a $200 million drop from August

Ahram Online, Thursday 3 Oct 2013
The Central Bank
The Central Bank of Egypt's headquarters in downtown Cairo. (Photo: Reuters)
Views: 1195
Views: 1195

Egypt's International Foreign Reserves saw a minor decline of roughly $200 million in September, reaching $18.7 billion compared to $18.9 the month before, the Central Bank of Egypt (CBE) announced on Thursday.

The CBE held its largest exceptional auction in early September, selling $1.3 billion from its foreign reserves to cover strategic imports such as wheat, meat, and cooking oil.

The CBE says its foreign exchange auctions – which began at the end of December 2012 – are part of the effort to stave off local currency devaluation.

Egypt has returned to Qatar $2 billion that the Gulf state deposited to CBE earlier in the year, after negotiations to convert the funds into three-year bonds broke down.

In late September, CBE received a $2 billion deposit from Kuwait as part of $4 billion pledged by the oil-rich nation to bolster the flailing Egyptian economy following former president Mohamed Morsi's ouster in July. 

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