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Foreign reserves increase to $36.723bn by end-November: Egypt’s c.bank

Egypt’s foreign reserves increased to $36.723 billion by end of November, up from $36.703 in October, the Central Bank of Egypt announced on Monday, according to state news agency MENA.

The increase comes despite the CBE having paid $2 billion to the African Export Import Bank in November, Sub-Governor Rami Abulnaga told MENA.

The $2 billion payment is a first instalment of a $3.2 billion loan due to mature in December.

Egypt’s foreign net reserves had first hit pre-2011 levels in July, reaching $36.036 billion after a $4.7 billion surge in July alone.

The reserves have been climbing since Egypt signed the $12 billion loan with the International Monetary Fund (IMF) in November of last year, following the decision to float the pound.

Egypt is expected receive its next IMF loan disbursal in the third week of December.

Source: Ahram online

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