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Egypt's foreign reserves up $441 million in October

Country's total foreign currency reserves sit at $15.484 billion, says central bank statement

Ahram Online and Reuters, Monday 5 Nov 2012
Egypt
The reserves had inched up at the end of April for the first time sincethe January 2011 (Photo: Reuters)
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Egypt's foreign reserves rose by $441 million in October, the central bank said on its website on Monday.

Net international reserves were $15.484 billion at the end of October, up from $15.043 billion at the end of September, the bank said.

In October Egypt received the second tranche -- worth $500 million – of a promised $2 billion deposit from Qatar at the central bank, according to Ahram's Arabic language news website.

The Central Bank of Egypt received the first tranche of $500 million in August.

The reserves had inched up at the end of April for the first time sincethe January 2011 uprising, which toppled former president Hosni Mubarak, reaching $15.21 billion.

The reserves have plunged by more than half since a popular uprising in January 2011, which scared away tourists and investors, two of Egypt's main sources of foreign currency.

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