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Egypt’s Foreign Reserves Rise to $US 23 Billion

Egypt’s Foreign Reserves Rise to $US 23 Billion

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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.

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