ICEC

CBE: Egypt Foreign Reserves Fall by $206m in September

Egypt’s foreign cash reserves fell by US$ 207 million by the end of last September to US$ 18.709 billion, against US$ 18.916 registered by the end of last August, the central bank (CBE) said on Thursday.

This comes after Egypt’s foreign cash reserves had reported a slight rise of US$ 34 million to reach US$ 18.916 billion by the end of last August, against US$ 18.882 billion by end of last June.

Last July, Egypt’s Foreign Reserves recorded their highest rise as they hit US$ 18.8 billion, compared to US$ 14.9 billion by end of last June.

On September 19th, Central Bank Governor Hisham Ramez said Egypt would return to Qatar US$ 2 billion that the Gulf state had deposited with the North African central bank after negotiations to convert the funds into three-year bonds broke down.

Qatar had sent Egypt $3 billion in May, of which it converted $1 billion into three-year bonds.

Ramez said the Qatari authorities had agreed the week before last to convert the entire remaining $2 billion but then changed their minds.

“So we just repaid the deposit,” he said.

The values of Egypt’s net foreign reserves held by the Central Bank of Egypt during the last two years are as follows:

Month

Value (US$ Bln)

December 2010

36.005

January 2011

35.007

February 2011

33.321

March2011

30.106

April 2011

28.024

May2011

27.228

June2011

26.564

July2011

25.706

August 2011

25.008

September 2011

24.009

October2011

22.071

November 2011

20.1

December 2011

18.119

January  2012

16.3

February 2012

15.7

March 2012

15.1

April 2012

15.2

May2012

15.515

June 2012

15.533

July2012

14.442

August 2012

15.127

September 2012

15.042

October 2012

15.483

November 2012

15.035

December 2012

15.014

January 2013

13.613

February2013

13.508

March 2013

13.424

April 2013

14.4264

May 2013

16.039

June 2013

14.921

July 2013

18.88

August 2013

18.916

September 2013

18.709

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