Egypt's foreign reserves hit $36 bln, highest since 2010

Ahram Online , Tuesday 1 Aug 2017

File Photo: Egypt's foreign reserves edges up to $31.125 billion at the end of May (Photo: Reuters)

Egypt's foreign reserves registered $36.036 billion at the end of July 2017, hitting pre-2011 levels for the first time since the 25 January uprising, the Central Bank of Egypt (CBE) announced on Tuesday.

CBE data shows that foreign net reserves jumped from $31.305 billion at the end of June to hit the $36 billion mark, with international net reserves increasing $4.7 billion in July alone. 

The CBE's statement comes nearly one week after Egypt's President Abdel-Fattah El-Sisi said the country's foreign reserves were nearing $35 billion.

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 popular uprising that toppled 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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