Egypt's foreign exchange reserves inch up in June

Monday 04-07-2016 03:29 PM

Egypt's Central Bank, Reuters

CAIRO, Jul 4 (Aswat Masriya) - Egypt's net foreign reserves reached $17.546 billion at the end of June, up from $17.521 billion at the end of May, the central bank announced on Monday.

The reserves increased by around $25 million from their level at the end of last month.

The central bank repaid $1 billion to Qatar, which constituted the last installment of a $3 billion debt, in addition to repaying $700 million to the Paris Club nations.

The amounts were paid early in July so their impact are yet to be seen in the reserves' numbers at the end of the current month.

Egypt has been witnessing a foreign currency crisis due to pressures on its reserves as a result of a weakening tourism sector in addition to the decline in Suez Canal revenues.

Egypt's foreign reserves reached remain to be less than half of the foreign reserves the country had before the 2011 Uprising when they were almost $36 billion.


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