Egypt's foreign net reserves rise to record high $44.917 billion by end of July 2019

Ahram Online , Tuesday 6 Aug 2019

An employee counts U.S. dollars in a foreign exchange office in central Cairo, Egypt (Reuters)
An employee counts U.S. dollars in a foreign exchange office in central Cairo, Egypt (Reuters)

Egypt’s foreign net reserves rose $564 million to report a record high of $44.917 billion by the end of July 2019, the Central Bank of Egypt announced, nearly one day after the country received a final $2 billion tranche from the IMF.

At the end of June, foreign reserves reached $44.351 billion.

Tuesday's figure is the highest ever in the country's recent history.

Egypt's economy saw major turbulances after 2010, with reserves plunging to a record low of $13.448 billion in March 2013.

Reserves have been climbing since Egypt signed a $12 billion three-year loan programme with the International Monetary Fund in late 2016, part of efforts to attract foreign investors and revive the economy.

It only slipped 4.4 percent in December 2018 for the first time post devaluation, reporting $42.5 billion, compared to $44.5 billion in November 2018.

 

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