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Egypt foreign reserves rise for 2nd month in row to reach $16 bn: CBE

Foreign aid lifelines boost Egypt's net international reserves for second time since March, after hitting record low of $13.4 billion

Ahram Online, Thursday 6 Jun 2013
Neighboring financial aids have contributed to the NIR's rise (Photo: AP)
Views: 1881
Views: 1881

Bolstered by recent injections of foreign aid, Egypt's net international reserves rose for the second consecutive month to reach $16.04 billion by the end of May, the Central Bank of Egypt (CBE) announced Thursday.

Egypt's foreign currency reserves had picked up in April to reach LE14.42 billion by the end of the month, after having hit a record low of $13.4 billion in March.

In April, Libya deposited $2 billion at the CBE in an effort to support Egypt's faltering economy. And in May, Qatar deposited another $3 billion at the central bank, which it pledged to invest in Egyptian treasury bonds at an expected rate of interest of 3.5 percent.

Later the same month, Turkey announced it would increase its $1 billion credit line to Egypt by $250 million, in a move that is expected to maintain the upward trajectory of Egypt's foreign reserves.

Egypt's net international reserves have fallen by more than half since the popular uprising in early 2011, which scared off tourists and investors – both considered main sources of foreign currency for Egypt. In January 2011, Egypt's net reserves stood at some $36 billion. 

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