Egypt foreign reserves jump to $18.8 bn in July

Ahram Online, Monday 5 Aug 2013

Foreign reserves hit highest monthly rise since 2011, recording $18.8 bn in July, Egypt's central bank says


Egypt’s Net International Reserves (NIR) hit a whopping rise of $3.9 billion in July 2013 to reach a total of $18.8 billion, the Central Bank of Egypt (CBE) announced on Monday.

July’s upswing is the biggest monthly increase of the foreign reserves since the popular uprisings in January 2011 that toppled Hosni Mubarak, when net reserves stood at some $36 billion.

The foreign reserves, which dropped in June to $14.9 billion, have been backed by the recently sent Arab aid following the military's ouster of Islamist president Mohamed Morsi fuelled by nationwide popular protests on 30 June.

Saudi Arabia and United Arab Emirates have financed Egypt with $5 billion over the last month as part of a total $12 billion pledged by the Gulf Arab states including $4 billion offered by Kuwait.

In July, Hisham Rames the CBE’s governor expected the NIR to reach more than $20 billion due to the oil-rich Gulf states’ help.

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