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16pc SURGE IN JULY

Foreign net reserves jumped from $31.305 billion
at the end of June to hit the $36-billion mark in July.

Egypt foreign reserves hit $36bn, highest since 2010

CAIRO, August 2, 2017

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

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, reported Wam, the Emirates official news agency, citing CBE data.

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.

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




Tags: Egypt | Central Bank | Foreign reserves |

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