Egypt's foreign reserves nearing $35 bln: President Sisi
Ahram Online, , Tuesday 25 Jul 2017

Egypt’s foreign reserves are now close to $35 billion, President Abdel Fattah El-Sisi announced during a question-and-answer forum at the Fourth National Youth conference in Alexandria on Monday.

“I am doing my best, Egyptians. Are you fulfilling your duties?” El-Sisi said, addressing the attendees and television audience.

Earlier this month, the Central Bank of Egypt continued to climb, registering $31.305 billion at the end of June.

The reserves have been climbing since Egypt signed an agreement for a three-year $12 billion loan from the International Monetary Fund (IMF) in November 2017.

Reserves have increased from $28.641 billion at the end of April to $31.125 billion at the end of May.

The president's estimate of current reserves is close to the $36 billion in foreign reserves Egypt held before the 2011 uprising.

The popular uprising that toppled former president Hosni Mubarak in 2011 led to a period of political turmoil that dried up Egypt's vital sources of foreign currency, such as tourism and foreign investment.