News

Egypt’s Foreign Reserves Surge to Highest Level Since 2011 Uprising

Egypt’s Foreign Reserves Surge to Highest Level Since 2011 Uprising

Egypt’s foreign reserves rose by $US 4.73 billion, reaching $36.0 in total which is the highest level recorded since the 25 January 2011 revolution, according to Egypt’s Central Bank data.

Egypt has been suffering from a shortage of hard currency due to the political turmoil that resulted in fewer investments and tourists who are a key source of dollars.

Several analysts have tied the increase to the International Monetary Fund (IMF)’s payment.

In 2011, Egypt started its economic reform program backed by the IMF after it had taken several measures, including the imposition of  Value Added Taxes (VAT) and gradual removal of subsidies, to receive the $US 12 billion loan.

This is the figure’s first time to exceed this level since December 2010, as it scored $US 36.005 billion back then, according to a statement by the central bank.

The value of Egyptian pound has dropped to half since its flotation against all foreign currencies and the inflation rose to above 30 percent.

Meanwhile, Egypt’s foreign debt has risen to $US 73.9 billion in March from $US 53.4 billion a year earlier. However, the trade deficit has been improving since the flotation of the currency.

The recent economic reform program has pressured nearly half of the population who live either near to or under the poverty line. Egypt has been adopting several social programs in an attempt to protect people on low incomes.

Egypt's Education Ministry Cancels Primary Education Certificate
‘Go Bus’ to Face License Suspension Following Death of 6 in an Accident

Subscribe to our newsletter


News

More in News

Egyptian Sandstorm Tragically Kills 1, Injures 5

Nadia Salem2 June 2023

Smoking in Egypt is Now 0.5 Percent Less Prevalent Than in 2020

Omar Auf1 June 2023

Egyptian Law Change Allows Foreign Nationals to Apply for Citizenship

Egyptian Streets1 June 2023

Egyptian Prime Minister Welcomes Palestinian Delegation to Discuss Areas of Cooperation

Nadia Salem30 May 2023

Sisi Congratulates Erdogan on Election Win, Egypt and Turkey to Restore Diplomatic Ties

Farah Rafik30 May 2023

Egypt’s Al Ahly Basketball Team Clinch African Championship

Shereif Barakat28 May 2023

Egypt’s Wrestling Federation Under Investigation Following Young Wrestler’s Escape to France

Shereif Barakat27 May 2023

Egypt Delaying Wheat Payments, but Supply Ongoing as Sellers “Trust” Authority

Omar Auf27 May 2023