Egypt’s Foreign Reserves Rose US$ 700 Mln On Qatari Deposit

Egypt’s foreign cash reserves rose by US$ 700 million, registering US$ 15.1 billion in August, up from US$ 14.4 billion in July.

A number of banking experts said such increase came after Qatar deposited US$ 500 million in the Central Bank of Egypt (CBE) out of $2 billion that it pledged to deposit. In addition, Egypt paid the bonds dues that it earlier issued and the first debt repayment amounting to US$ 1.64 billion that it owed to Paris Club last July.

The value of Egypt’s net foreign reserves since the revolution is as follows:

Month

Net Foreign Reserves (value in EGP billion)

December 2010

36.005

January 2011

35.007

February 2011

33.321

March 2011

30.106

April 2011

28.024

May 2011

27.228

June 2011

26.564

July 2011

25.706

August 2011

25.008

September 2011

24.009

October 2011

22.071

November 2011

20.1

December 2011

18.119

January 2012

16.3

February

15.7

March

15.1

April

15.2

May

15.5

June

15.5

July

14.442

August

15.12

Leave a comment