Egypt’s net foreign reserves rise to $45.1 billion end-September: c.bank
Egypt’s net foreign reserves surged to $45.117 billion at the end of September, the central bank said late Tuesday.
Reserves stood at $44.969 billion at the end of August.
Foreign currencies in Egypt’s foreign reserves include the U.S. dollar, euro, Australian dollar, Japanese yen, and Chinese yuan. The provision of foreign exchange, including gold and various international currencies, is to pay for imports, repay foreign debts, and cope with any economic crises in exceptional circumstances.
The reserves have been rising since Egypt signed a $12 billion three-year loan programme with the International Monetary Fund in late 2016, part of efforts to attract foreign investors and revive the turbulent economy.
In August, Egypt has received the sixth and final tranche of $2 billion tranche out of its IMF $12 billion, three-year loan programme that signed in 2016.
Egypt had roughly $36 billion in reserves before an uprising in 2011 the ousted long-time president Hosni Mubarak, ushering in a period of political turmoil that scared away tourists and foreign investors, key sources of foreign exchange.