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Tuesday, 19 February 2019

Egypt's foreign reserves rise to $26.5 mln in February: CBE

Ahram Online , Thursday 2 Mar 2017
 Tarek Amer (Reuters)
The head of Egypt's Central Bank Tarek Amer (Reuters)
Views: 3770
Views: 3770

The Central Bank of Egypt (CBE) said on Thursday that the country's foreign reserves rose to US$26,541 billion by the end of February 2017. 

Egypt's foreign reserves rose in January to $2 billion to reach $26,363 billion compared to US$24,260 billion in December 2016.

Egypt's foreign reserves registered $36 billion before a popular uprising toppled former president Hosni Mubarak in January 2011, leading to a period of political turbulence which undermined Egypt's vital sources of foreign currency such as tourism and foreign investment.

Last month, Egypt received a total of $4 billion in yields from Eurobonds issued on the global bond market.

In November, the CBE received an initial $2.75 billion from the International Monetary Fund (IMF) as part of a $12 billion loan, following the central bank's decision to freely float the pound and raise key interest rates to alleviate a dollar shortage in the country.

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