Egypt foreign reserves jump to USD 18.8 bn in July
Cairo, AP—Egypt’s central bank says the country’s foreign reserves stood at USD 18.8 billion at the end of July, a jump of nearly USD 4 billion from the previous month. The bank did not provide details on the influx of cash, but the sharp rise comes after oil-rich Arab Gulf countries ple
File photo of US dollar bills.
Cairo, AP—Egypt’s central bank says the country’s foreign reserves stood at USD 18.8 billion at the end of July, a jump of nearly USD 4 billion from the previous month.
The bank did not provide details on the influx of cash, but the sharp rise comes after oil-rich Arab Gulf countries pledged billions of dollars in aid to Egypt’s interim government in the wake of the military coup that ousted Islamist president Mohammed Mursi in early July.
According to figures released Monday on the central bank’s website, the reserves are at the highest point since November 2011. The reserves plunged over the past two years as political turmoil scared away tourists and foreign investors.
Egypt’s foreign reserves are needed to pay for vital imports and used to keep the local currency afloat.