Egypt’s foreign reserves rose to $19.6bn in September: CBE

Egypt’s net international reserves rose in September to $19.591 billion up from $16.564 billion in August, the Central Bank of Egypt (CBE) announced on its website on Monday.

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

In late August, the UAE offered a deposit worth $1 billion to the CBE lasting for six years, a move that aims at alleviating Egypt’s dollar crisis.

Also in early September, the Egyptian Ministry of International Cooperation announced it received $1 billion from the World Bank as the first tranche of a $3 billion loan to be delivered to the Arab nation over three years to support its economic programme.

Egypt’s central bank governor Tarek Amer said in previous statements that reserves would reach $25 billion by year-end.

Source: Ahram Online