Egypt foreign reserves close to July level: Central bank governor
Reuters, Sunday 31 Aug 2014


Egypt's foreign reserves in August stayed close to their July level of $16.736 billion, the country's central bank governor Hisham Ramez told Reuters on Sunday.

"The foreign reserves are stable at the same level as the month of July almost," Ramez said over the phone, without giving a new figure.

The reserves started falling sharply after a 2011 uprising that ousted President Hosni Mubarak. But they began climbing last year when Gulf Arab states sent billions of dollars after the ouster of Mubarak's successor, Islamist President Mohamed Morsi.

Reserves levels stood at $36 billion before the 2011 uprising.

This article has been edited by Ahram Online

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