Egypt's foreign reserves nearing $35 bln: President Sisi

Ahram Online , Tuesday 25 Jul 2017

El-Sisi in Alexandria
Egypt's President Abdel Fattah El-Sisi speaks during a question answering forum at the fourth National Youth Conference in Alexandria on July 24, 2017 (Photo Courtesy of Egypt's Presidency spokesman)

Egypt’s foreign reserves are now close to $35 billion, President Abdel Fattah El-Sisi announced during a question-and-answer forum at the Fourth National Youth conference in Alexandria on Monday.

“I am doing my best, Egyptians. Are you fulfilling your duties?” El-Sisi said, addressing the attendees and television audience.

Earlier this month, the Central Bank of Egypt continued to climb, registering $31.305 billion at the end of June.

The reserves have been climbing since Egypt signed an agreement for a three-year $12 billion loan from the International Monetary Fund (IMF) in November 2017.

Reserves have increased from $28.641 billion at the end of April to $31.125 billion at the end of May.

The president's estimate of current reserves is close to the $36 billion in foreign reserves Egypt held before the 2011 uprising.

The popular uprising that toppled former president Hosni Mubarak in 2011 led to a period of political turmoil that dried up Egypt's vital sources of foreign currency, such as tourism and foreign investment.

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