Egypt’s Foreign Reserves Rose US$ 1 Bln In April On Libyan Deposit

Egypt’s foreign reserves surged about US$ one billion to reach US$ 14.4 billion at the end of last April, compared to US$ 13.4 billion at the end of last March, thanks to the US$ 2 billion Libyan funds deposited in the Central Bank of Egypt last month for five years without an interest.

International reserves registered the first hike during the last six months when the reserves surged to EGP 14.483 billion and then plunged to US$ 13.424 billion at the end of last March.

Hisham Ramez, Governor of CBE, had earlier announced that the county’s foreign reserves are expected to increase after receiving the Libyan deposit.

The values of international reserves held by the Central bank of Egypt over the last two years are as follows: