ICEC

Egypt’s foreign reserves jump to $36.04 bln, highest since Dec 2010

Egypt’s foreign reserves soared to $36.036 billion at the end of July, the highest level since December 2010, the central bank said on Tuesday.

In June, the reserves amount stood at $31.305 billion.

The rise was after the Egyptian central bank received in mid-June $1.25 billion, the second and final disbursal of the first $4 billion tranche of a $12 billion loan from the International Monetary Fund. The disbursal aimed to support the central bank’s cash reserve of foreign currency.

Egypt’s foreign reserves have been rising since it clinched a $12 billion three-year loan from the International Monetary Fund in November in a bid to lure back foreign capital.

Egypt roughly had $36 billion in reserves before an uprising in 2011 ushered in a period of political turmoil, scaring away tourists and foreign investors, key sources of hard currency.

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