BREAKING: Egypt’s Foreign Reserves mark four-year High in April

Egypt’s foreign currency reserves climbed to US$20.525 billion at the end of April, up 34 percent from earlier month, marking the biggest surge since the outbreak of 2011 uprising, the central bank announced Wednesday.

In March, the country’s foreign reserves recorded US$15.290 billion.

The four-year high in April’s foreign reserves comes after Egypt had received US$6 billion in deposits during the month from Saudi Arabia, the United Arab Emirates and Kuwait. The three Gulf countries have provided billions of dollars in aid since the Egyptian army overthrew elected Islamist President Mohamed Morsi in mid-2013.

Foreign reserves, which dropped sharply following the 2011 uprising, had been expected to increase In April, after Gulf Arab countries pledged aid to Egypt during an investment conference in March.

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

The values of Egypt’s foreign reserves held by the Central Bank of Egypt during 2015:

Month

Value (US$ Bln)

January

15.429

February

15.456

March

15.290

April

20.525