Egypt's foreign reserves hit $36 bln, highest since 2010

Egypt's foreign reserves reached USD$36.036 billion at the end of July 2017, returning to pre-2011 levels for the first time since the 25th January uprising, the Central Bank of Egypt, CBE, announced on Tuesday.

The CBE data shows that foreign net reserves jumped from $31.305 billion at the end of June to hit the $36-billion mark, with international net reserves increasing $4.7 billion in July alone.

According to Ahram Online,the CBE's statement comes nearly one week after Egypt's President Abdel-Fattah el-Sisi said the country's foreign reserves were nearing $35 billion.

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

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

source:wam