Last Update 13:47
Saturday, 24 June 2017

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)
Share/Bookmark
Views: 2420
Share/Bookmark
Views: 2420

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.

Short link:

 

Email
 
Name
 
Comment's
Title
 
Comment
Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.

Latest

© 2010 Ahram Online.