Egypt's FOREX rise to $17.3bn in February

Ahram Online, Tuesday 4 Mar 2014

FOREX reserves continue to rise following recent aid from Gulf states

the Central Bank of Egypt
File Photo: People and vehicles are seen caught in a traffic jam in front of the Central Bank of Egypt's headquarters in downtown Cairo in this March 17, 2013 (Photo: Reuters)

Egypt's net international reserves (NIR) rose to $17.3 billion at the end of February, the second consecutive monthly increase, according to the latest figures released by the Central Bank of Egypt (CBE) on Tuesday.

The state’s FOREX amounted to $17.1 billion at the end of January, the first increase in Egypt’s foreign reserves since August 2013.

Earlier this month, Hisham Ramez, the governor of the Central Bank of Egypt (CBE), stated that Egypt's FOREX level is safe.

He also praised the recent aid from Arab Gulf countries Saudi Arabia and United Arab Emirates that comprised of deposits, investments, and petroleum shipments.

Aid to Egypt amounting to $12 billion from Saudi Arabia, the United Arab Emirates, and Kuwait after the ouster of Islamist president Mohamed Morsi in July boosted Egypt's reserves to a high of $18.9 billion in August.

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