Egypt’s foreign reserves continue to rise registering $31.3 bln in June

Ahram Online , Wednesday 5 Jul 2017

Egypt's foreign reserves increased to $31.305 billion at the end of June (File photo: Reuters)

Egypt's foreign reserves continued to climb registering $31.305 billion at the end of June and edging closer to pre-2011 levels of $36 billion, the Central Bank of Egypt (CBE) stated on its website on Wednesday.

The reserves, which have increased from $28.641 billion at the end of April to $31.125 billion at the end of May, have been climbing since Egypt signed a three-year $12 billion loan from the International Monetary Fund (IMF) in November 2017.

The IMF has endorsed Egypt’s economic reform programme, which includes cutting subsidies, raising taxes as well as floating the pound.

Egypt received an initial $2.75 billion tranche from the IMF last November, with a second tranche expected this month.

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