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Egypt foreign reserves jump to $15.1bn in August: CBE

Forex reserves rise by $727mn in August to reach $15.1bn, Central Bank of Egypt reports Sunday; increase coincides with Egypt's receipt of $500mn – out of promised $2bn – from Qatar

Ahram Online, Sunday 2 Sep 2012
File photo: Central Bank of Egypt (Photo:Reuters)
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Views: 1296

Egypt's net international reserves in August rose by $727 million to reach a total of $15.1 billion, the Central Bank of Egypt (CBE) announced on Sunday.

In July, Egypt's national reserves slipped for the first time in three months, falling to $14.4 billion. The CBE at the time attributed the decrease to maturing Egyptian bonds and the payment of debts to the Paris Club totalling some $1.64 billion.

Meanwhile, the CBE has received the first tranche – worth $500 million – of a promised $2 billion deposit from Qatar, Egyptian Finance Minister Momtaz El-Said announced in August.

The outstanding $1.5 billion will be transferred to the CBE in September, said El-Said.

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