Egypt's foreign reserves reach around $20 bn in Arab aid

Ahram Online, Thursday 18 Jul 2013

Central Bank of Egypt to expect Saudi Arabia free-interest deposit worth $2 billion in coming days

Egypt's Central Bank's governor Hisham Ramez (Photo: Al-Ahram)

Egypt’s net international reserves rose to reach more than $20 billion due to the oil-rich Gulf States’ recently sent aids, Al-Ahram Arabic news website reported Thursday, citing the Central Bank of Egypt’s (CBE) governor Hisham Ramez.

Egypt’s net international reserves (NIR) dropped in June to $14.9 billion, CBE announced.

Foreign reserves had risen in April for the first time since October 2012 after hitting a record low of $13.4 billion, and they continued their upturn in May during which $16.04 billion was recorded due to injections of foreign aid from Turkey, Qatar and Libya.

Ramez told Al-Ahram that Saudi Arabia would transfer $2 billion to Egypt's central bank in the coming few days as a free-interest deposit.

The date to receive the Kuwaiti aid is yet to be set, he added.

Earlier on Thursday, Reuters reported that the Central Bank of Egypt received $3 billion in aid from the United Arab Emirates (UAE) pledged after the military ousted president Mohamed Morsi early this month.

The UAE said last week that it would provide Egypt with $1 billion as a grant and a $2 billion loan in the form of an interest-free central bank deposit. Saudi Arabia pledged $5 billion and Kuwait, $4 billion.  

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