CBE: Egypt’s Foreign Reserves herald 2015 with US$97 million Rise

Egypt’s foreign currency reserves slightly rose to $15.429 billion at the end of January from $15.332 billion a month earlier, the central bank announced on Thursday.

The rise in foreign reserves followed a decline in November and December, data showed.

Foreign reserves fell sharply after the 2011 uprising that ousted President Hosni Mubarak but had risen again on the back of billions of dollars of Gulf Arab aid that has flooded into Egypt since the army overthrew elected Islamist President Mohamed Morsi in 2013.

In November, Egypt repaid to Qatar a $2.5 billion central bank deposit received under Morsi, which some traders had warned could have an impact on reserve levels.

Reserves stood at about $36 billion before the 2011 revolt.