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Egypt's foreign reserves jump to $36.703 bln at end-October; highest in country's history: Central Bank

Reserves have been climbing since Egypt signed an agreement for a three-year $12 billion loan with the IMF in November 2016

Ahram Online , Sunday 5 Nov 2017
Central Bank of Egypt
The Central Bank of Egypt's headquarters in downtown Cairo (Photo: Reuters)
Views: 4070
Views: 4070

Egypt recorded its highest level of foreign reserves in its history, the Central Bank of Egypt announced Sunday.

In an official statement reported by the state-owned MENA agency, the bank said that reserves climbed from $36.535 billion at the end of September 2017 to $36.703 billion at the end of October.

At the end of July, foreign net reserves jumped to $36.036 billion, hitting pre-2011 levels for the first time since the 25 January uprising, with international net reserves increasing $4.7 billion in July alone.

The reserves have been climbing since Egypt signed an agreement for a three-year $12 billion loan with the International Monetary Fund (IMF) in November 2016, shortly after the country's decison to float its currency. 

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