Egypt to receive $5bn in 3 months for its foreign reserves

Egypt will receive $5 billion within 3 months to support its foreign currency reserves, the central bank governor Tarek Amer said in a televised interview on Saturday night.

Without specifying the country that will send the money, Amer said Egypt had recently signed a $5 billion agreement.

In February, Egypt’s foreign currency reserves surged by $56 million to reach $16.533 billion from $16. 477 billion in the previous month.

As part of Egyptian government’s medium term scheme for the financial years from 2015/16 until 2018/2019, the country’s foreign reserves should mount to $28 billion.