The Central Bank of Egypt (CBE) announced that the country’s foreign reserves rose by $180 million in June, an increase equal to 0.57 percent of Egypt’s total foreign reserves. The net foreign currency reserves stood at $31.305 billion in June, according to the CBE website on Wednesday. Previously, the country’s foreign reserves rose to $31.125 billion at the end of May from $28.641 billion in April — an increase of about $2.5 billion. The country had roughly $36 billion in reserves before the 2011 uprising ushered in a period of political turmoil, scaring away tourists and foreign investors — key sources of hard currency. An IMF delegation was in Cairo earlier, in January, to prepare for a review required before disbursing the second installment of the loan, expected to be $1.25 billion.

Source: Egypt Independent July 05, 2017 13:07 UTC