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Egypt says foreign reserves at $17.52 billion at end of May

Reuters , Thursday 2 Jun 2016
The Central Bank of Egypt
The Central Bank of Egypt's headquarters in downtown Cairo (Photo: Reuters)
Views: 1825
Views: 1825

 Egypt's net foreign reserves rose to $17.52 billion at the end of May, the central bank said on Wednesday. Reserves stood at $17.011 billion at the end of April.

Egypt had roughly $36 billion in reserves before an uprising in 2011 overthrew Hosni Mubarak. That ushered in a period of political turmoil that scared away tourists and foreign investors, key sources of foreign exchange.

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02-06-2016 01:56pm
Island effect
Thanks to the $2.5 billion “grant” from mama Saudi. To go back to the $35 b level we had in 2010 we need appraisals for more Islands; with tourism dead, canal dormant, and manufacturing in a coma; Islands seem to be the only thing we can export these days!
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