Egypt’s FX Reserves Hit US$16.03 Bln, Highest Since Uprising

Egypt’s Foreign Reserves have recorded a remarkable rise of US$ 1.613 billion to reach US$ 16.03 billion by the end of June against US$ 14.4 billion last April, reporting its highest levels since the outbreak of January 25th revolution. 

A number of banking experts said the increase was backed by the Egyptian authorities’ settlement with a number of prominent businessmen, notably with Orascom Construction Industries S.A.E. – OCI (OCIC.CA) which worth EGP 7.1 billion as payable tax. Oracsom has already paid to the Government US$ 350 million as the first payment.

Furthermore, the increase was after the Government received a US$ 3 billion aid from Qatar.

It is worth mentioning that in last April, Egypt’s foreign cash reserves also recorded a rise of US$ one billion, representing the second successive growth Egypt witnesses during Hisham Ramez’s rule as the CBE’s Governor, as he hold the office last February.

Month

Value (US$ Bln)

December 2010

36.005

January 2011

35.007

February 2011

33.321

March2011

30.106

April 2011

28.024

May2011

27.228

June2011

26.564

July2011

25.706

August 2011

25.008

September 2011

24.009

October2011

22.071

November 2011

20.1

December 2011

18.119

January  2012

16.3

February 2012

15.7

March 2012

15.1

April 2012

15.2

May2012

15.515

June 2012

15.533

July2012

14.442

August 2012

15.127

September 2012

15.042

October 2012

15.483

November 2012

15.035

December 2012

15.014

January 2013

13.613

February2013

13.508

March 2013

13.424

April 2013

14.4264

May 2013

16.039

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