Egypt’s foreign reserves nearing $35 bln: Sisi

Egypt’s President Abdel Fattah al-Sisi announced that the country’s foreign reserves are now close to $35 billion. The president made his remarks during a question-and-answer forum at the Fourth National Youth conference in Alexandria on Monday.

“I am doing my best, Egyptians. Are you fulfilling your duties?” Sisi said, addressing the attendees and television audience.

In June 2017, the Central Bank of Egypt (CBE) continued to climb, registering $31.305 billion at the end of June.

The reserves have been boosted since Egypt signed an agreement for a three-year $12 billion loan from the International Monetary Fund (IMF) in November 2017.

Reserves have increased from $28.641 billion at the end of April to $31.125 billion at the end of May.

Moreover, Sisi’s estimate of current reserves is close to the $36 billion in foreign reserves Egypt held before the 2011 uprising

Source: Ahram online