Egypt’s foreign reserves increased by more than USD 3 billion to reach USD 19.592 billion at the end of September, the Central Bank of Egypt announced on Monday. At the end of the previous month, Egypt’s reserves had stood at USD 16.564 billion after declining sharply in July as Egypt repaid external debt obligations. Egypt’s foreign exchange reserves prior to the 2011 revolution amounted to around USD 36 billion, before the country entered a period of political and economic turmoil that negatively impacted tourism and foreign investments. The reason for the increase in the country’s reserves in September remains unclear. However, Egypt has been negotiating several loans and deposits as it aims to secure at least USD 5 billion in loans from bilateral partners in order to receive approval of a USD 12 billion loan from the International Monetary Fund’s executive board. In August, Egypt reached a preliminary agreement with the IMF to receive a three-year Extended Facility Fund, which will be used to support the government’s ambitious reform program aiming to reduce the country’s budget deficit. Chris Jarvis, who is heading the IMF’s mission to Cairo, said at the time that the…
Egypt’s Foreign Reserves Rise to $19.592 Billion as Experts Predict Currency Devaluation ‘Within Hours’
October 3, 2016
