The Central Bank of Egypt's headquarters in downtown Cairo (Reuters)
Egypt's reserves inch up to $16.423 billion in November compared to $16.415 billion in October, announced the central bank on Thursday.
Egypt is struggling with depleting foreign currency reserves as its main sources of revenue - tourism, FDI and Suez Canal - were hit following the uprising against Hosni Mubarak in 2011.
Reserves stood at $36 billion before of the ousting of Mubarak.
Recently appointed Central Bank of Egypt governor Tarek Amer had met on Wednesday with President Abdel-Fattah El-Sisi to discuss the bank's plan to increase the dollar liquidity in the domestic market.
Amer was cited as saying in a presidency statement that the country's foreign reserves are reassuring and the current situation is stable and will see improvement.
The statement had announced an exceptional foreign currency auction is soon to take place, with investors uncertain as to where the sources of the hard currency is coming from.
Egypt is struggling with depleting foreign currency reserves as its main sources of revenue – tourism, FDI and Suez Canal – were hit following the uprising against Hosni Mubarak in 2011.
Last week, Egypt finalised a $3 billion load deal with the World Bank, of which it expects to receive the first $1 billion tranche in December.
The Cairo-based African export-import bank Afreximbank announced a proposal to arrange a facility of up to $1 billion to Egypt, underwriting $500 million of the amount for the country’s Central Bank to improve foreign currency liquidity.
Egypt also expects to receive a $500 million loan from the Côte d'Ivoire-based African Development Bank before the end of the year.
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