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Egypt's foreign reserves up in March for third month in a row

Third consecutive monthly increase for Egypt's NIR, which fell sharply after the 2011 uprising but rose again following Gulf aid

Ahram Online, Monday 7 Apr 2014
Egyptian Central Bank
An Egyptian policeman directs the traffic in front of the Egyptian Central Bank offices in Cairo, Egypt, Sunday, Jan. 6, 2013 (Photo: AP)
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Egypt's Net International Reserves (NIR) rose slightly to $17.4 billion at the end of March, up from $17.3 billion the month before, the third consecutive monthly increase, according to the latest figures released by the Central Bank of Egypt (CBE) on Monday.

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.

Reasons behind the rise are yet to be announced by the CBE.

Reserves fell sharply after a 2011 uprising that ousted president Hosni Mubarak, but were lifted last year when Gulf Arab states gave billions of dollars in aid to Egypt after Islamist president Mohamed Morsi was deposed by the military following mass protests against his rule.

 

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