Last Update 12:34
Sunday, 24 June 2018

Egypt's foreign reserves rise to $28.5 billion in March

Ahram Online , Monday 3 Apr 2017
Views: 2941
Views: 2941

The Central Bank of Egypt (CBE) announced on Monday that the country's foreign reserves rose to more than $28.5 billion by the end of March, from $26.5 billion in the month before.

CBE Assistant Sub-Governor Ramy Aboul Naga said on Sunday that foreign reserves were expected to reach their highest point since March 2011, according to state-run news agency MENA

In March, Egypt received the second $1 billion tranche from a $3 billion World Bank loan, as well as the second $500 million tranche from a $1.5 billion loan from the African Development Bank (AfDB).

The World Bank's loan is intended to help in achieving fiscal consolidation, ensuring energy supply and enhancing competitiveness in the private sector.

Egypt is currently negotiating for the third and final $1 billion tranche of the World Bank's loan package to support the government’s economic reform programme, which started in July 2014.

Egypt's economic reform programme has included cutting subsidies and the introduction of new taxes, such as the value-added tax, as well as the floating of the Egyptian pound.

In November 2016, Egypt received an initial $2.75 billion from the International Monetary Fund (IMF) following the board’s approval of a $12 billion loan, with a second tranche from the IMF expected in May.

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

Short link:


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.

© 2010 Ahram Online.