C.bank: Egypt foreign reserves rise to $16.564 bln in August

Egypt’s net foreign reserves rose to $16.564 billion at the end of August, the central bank announced in a statement on Sunday. Reserves stood at $15.536 billion at the end of July.

Egypt had roughly $36 billion in reserves before an uprising in 2011 overthrew Hosni Mubarak. That ushered in a period of political turmoil that scared away tourists and foreign investors, key sources of foreign exchange.

Source: Reuters