Egypt's net foreign reserves rise to $20 bln at end of June - central bank

Tuesday 07-07-2015 11:57 AM
Egypt's net foreign reserves rise to $20 bln at end of June - central bank

A man walks past a board advertising U.S. dollars at a money exchange shop in Colombo June 11, 2013. REUTERS/Dinuka Liyanawatte

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CAIRO, Jul 7 (Aswat Masriya) - Egypt's net foreign reserves reached $20 billion at the end of June, the central bank said on Tuesday, rising from $19.559 at the end of May. 

Egypt's economy has been hit hard by the political turmoil which gripped the country since a popular uprising toppled former President Hosni Mubarak in January 2011. 

The political situation has taken its toll on the foreign reserves, which stood at almost $36 billion before 2011.

Between March and April of this year, Egypt's foreign reserves hiked when it received deposits worth a $6 billion from three oil-rich Gulf nations; Saudi Arabia, the United Arab Emirates and Kuwait.

Already one year into his rule, President Abdel Fattah al-Sisi’s administration has been pouring efforts into attempting to improve the country’s economic condition.

The Sisi presidency is rigorously seeking to attract investments to repair the nation's economy.

On the economic front, Sisi is heavily backed by his allies in the Gulf, who were quick to back and financially support Egypt's interim authorities that took charge immediately after the removal of Muslim Brotherhood politician and former president Mohamed Mursi in July 2013. 

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