Egypt's foreign reserves rise to $26.5 mln in February: CBE

Ahram Online , Thursday 2 Mar 2017

 Tarek Amer (Reuters)
The head of Egypt's Central Bank Tarek Amer (Reuters)

The Central Bank of Egypt (CBE) said on Thursday that the country's foreign reserves rose to US$26,541 billion by the end of February 2017. 

Egypt's foreign reserves rose in January to $2 billion to reach $26,363 billion compared to US$24,260 billion in December 2016.

Egypt's foreign reserves registered $36 billion before a popular uprising toppled former president Hosni Mubarak in January 2011, leading to a period of political turbulence which undermined Egypt's vital sources of foreign currency such as tourism and foreign investment.

Last month, Egypt received a total of $4 billion in yields from Eurobonds issued on the global bond market.

In November, the CBE received an initial $2.75 billion from the International Monetary Fund (IMF) as part of a $12 billion loan, following the central bank's decision to freely float the pound and raise key interest rates to alleviate a dollar shortage in the country.

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