ICEC

Egyptian banks’ foreign reserves rose by $10 billion since currency float: Amer

Egyptian banks’ foreign exchange reserves have risen by $10 billion since Egypt took the dramatic step of floating its pound last year, central bank governor Tarek Amer said Tuesday.

The country’s foreign exchange reserves have recorded a 92 percent growth since floating its pound in November 2016, recording $36.5 billion at the end of September 2017, compared to $19.04 billion in October 2016, Amer further told a conference.

Egypt has been suffering from a severe economic crisis since the 2011 revolution, with a shortage in foreign currency reserves and liquidity. The government has been implementing an economic reform programme over the past two years, including floating the currency and cutting energy subsidies.

Amer also said Egypt’s monetary status is currently strong than it was before 2010.

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