News

Egypt’s Foreign Reserves Rise to $US 23 Billion

Egypt’s Foreign Reserves Rise to $US 23 Billion

05black

Egypt’s foreign reserves reached $US 23 billion by the end of November, rising $US 4 billion from $US 19 billion in October, announced the Central Bank of Egypt.

The increase, which is bound to calm investor fears, comes after the International Monetary Fund (IMF) sent Egypt the first $US 2.75 billion of a $US 12 billion loan.

After being granted the loan, Egypt floated the currency per the IMF’s recommendations.

Against the US dollar, the Egyptian pound was floated to EGP 13.00 per USD 1.00. Selling a US dollar, however, yields EGP 13.50. Prior to the devaluation, the US dollar’s official selling price was EGP 8.88, while the buying price stood at EGP 8.85. On the parallel market, however, the greenback reached an all-time high of EGP 18 earlier this week, before the pound strengthened amid calls for a boycott of the parallel market to drive down the rates.

Since the currency was floated, the EGP has reached a high of EGP 19.00 per USD 1.00 and continues to fluctuate.

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.

Professors and Doctors Among 45 Arrested in Egypt Organ Trafficking Ring
Naguib Sawiris Steps Down as CEO of Orascom in Surprise Resignation

Subscribe to our newsletter


News

More in News

Archaeological Mission Unearths Ancient Pregnant Woman Burial

Egyptian StreetsNovember 14, 2018

Egyptian MP to Submit Bill Omitting Religion from National IDs to Parliament

Egyptian StreetsNovember 12, 2018

British Parliament Encourages Lifting the Travel Ban Imposed on Sharm El Sheikh

Nour EltiganiNovember 11, 2018

Egyptian Film ‘Yomeddine’ Wins at Geneva Film Festival

Mirna AbdulaalNovember 10, 2018

UN: Food Aid to Be Doubled to 14 Million Yemenis to Avert Starvation

Mirna AbdulaalNovember 10, 2018

Bedouin Tribes of ‘Sinai Trail’ Get Backing From Egypt’s Ministry of Tourism

Mirna AbdulaalNovember 10, 2018

Egyptian Committee to Amend Controversial NGO Law

Nour EltiganiNovember 9, 2018

Private School Fees in Cairo Can Cost Up to 3 Million EGP

Mirna AbdulaalNovember 8, 2018
Egyptian Streets is an independent, young, and grass roots news media organization aimed at providing readers with an alternate depiction of events that occur on Egyptian and Middle Eastern streets, and to establish an engaging social platform for readers to discover and discuss the various issues that impact the region.

© 2017 Egyptian Streets. All Rights Reserved.