Egypt's foreign reserves jump by over $5 billion in April - central bank

Wednesday 06-05-2015 01:47 PM
Egypt's foreign reserves jump by over $5 billion in April - central bank

American dollar notes are displayed in this photo illustration in Johannesburg August 13, 2014. REUTERS/Siphiwe Sibeko

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CAIRO, May 6 (Aswat Masriya) - Egypt's net international reserves jumped to $20.525 billion at the end of April, an increase by $5.234 billion from last month, the central bank said.

Egypt received deposits worth a total of $6 billion on April 22 from three Gulf nations; Saudi Arabia, the United Arab Emirates and Kuwait.

The state's net foreign currency reserves at the end of March stood at $15.291 billion.

Central Bank Governor Hisham Ramez had expected in April Egypt's foreign reserves to rise to over $20 billion after the recent Gulf deposits.

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.

During a major economic conference Egypt hosted in March, $12.5 billion in assistance and investments were pledged by Gulf states of Saudi Arabia, Kuwait, the United Arab Emirates and Oman. 

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