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Egypt foreign reserves rise to $16.564 bln end-August

Reuters , Monday 5 Sep 2016
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File Photo: Central Bank of Egypt's headquarters is seen in downtown Cairo, Egypt March 8, 2016 (Photo: Reuters)
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Egypt's net foreign reserves rose to $16.564 billion at the end of August, the central bank said on Sunday. Reserves stood at $15.536 billion at the end of July.

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.

The United Arab Emirates said last month it had agreed to provide Egypt's central bank with a $1 billion deposit for a duration of six years.

The International Monetary Fund (IMF) agreed in principle to grant Egypt a $12 billion three-year facility to support a government reform programme aimed at plugging a budget gap and rebalancing the currency market, but this must still go to the IMF board for approval.

The lending programme is contingent upon the government securing $5-6 billion in bilateral financing for the first year.

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