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Egypt's currency reserves rose $300-400m in Oct: Newspaper

Country could have $15.5bn in central bank reserves at the end of this month, according to a report in state-owned newspaper

Reuters, Monday 29 Oct 2012
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Views: 1258

Egypt's foreign reserves probably rose $300-400 million in October thanks to loans from Qatar and Turkey, state-run Al-Gomhuria newspaper reported on Monday, quoting an unnamed central bank official.

The reserves have fallen by more than half since a popular uprising in January 2011 that scared away tourists and investors, two of Egypt's main sources of foreign currency.
Reserves at the end of October will probably be $15.4 billion or $15.5 billion, up from $15.04 billion at the end of September, al-Gomhuria said.
Qatar lent Egypt $500 million in October, its second such loan in the last three months, and Turkey lent the country another $500 million. 
Egypt drew $600 million from reserves to pay for petroleum imports and $100 million to repay foreign loans, the newspaper quoted the official as saying.
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