Egypt’s Foreign Reserves Fall to $18.59 bln in October – CBE

Egypt’s net foreign reserves hit US$ 18.59 billion at the end of October, 2013, compared with US$ 18.709 billion in September and US$ 18.916 billion in August, according to the latest report by the Central Bank of Egypt (CBE) released on Thursday.

The country’s foreign currency reserves have been pressured since the January 25 Revolution in 2011, which caused a slump in tourism activity and foreign investments, which are Egypt’s two main sources of hard currency.

In late September, CBE received a $2 billion deposit from Kuwait as part of $4 billion pledged by the oil-rich nation to bolster the flailing Egyptian economy following former president Mohamed Morsi’s ouster in July.

Late in September, CBE Governor Hesham Ramez had said that Egypt has received $7 billion out of the $12 billion in aid pledged by Gulf countries. 
The top official added that he expected further support from the United Arab Emirates, Saudi Arabia and Kuwait.

Of the $7 billion now received, $3 billion was from the UAE, with a further $2 billion each from Saudi Arabia and Kuwait, Ramez told reporters on the sidelines of a meeting of Arab central bankers in Abu Dhabi.