Egypt’s Foreign Reserves Rose to $17.52b

Egypt’s Foreign Reserves Rose to $17.52b

Egypt’s net foreign reserves rose to $17.52b at the end of May, up from $17.011b in April, the Central Bank of Egypt (CBE) announced, according to Ahram Online.

CBE stated that foreign reserves increased by $510m during May, to register the eighth monthly consecutive rise, informed Daily News Egypt, without providing reasons that led to this.

In addition, the bank awaits the receipt of liquidity estimated at EGP 4.5b from the UAE and Saudi Arabia, which will further support country’s total foreign reserves.

The current sum is slightly over 50% of total foreign reserves that the country held before the 2011 uprising.


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