Egypt’s net foreign reserves rose to $35.53 billion in August, from $35.28 billion a month earlier, the Central Bank of Egypt said on its website on Tuesday.
Net foreign reserves were $32.91 billion in August 2009, Reuters reported.
Year-on-year growth in fell to 7.9 percent in August 2010 compared to 11.5 percent in July 2010.
In its daily market report, Beltone Financial said that in May and June 2010, year-on-year growth in net foreign reserves had registered its highest levels since November 2008 at 12.5 percent. This was attributed to the base effect, a rebound in capital and current inflows, and an improvement in international financial markets’ performance.
Reserves had registered negative year-on-year growth in the period from March to October 2009 due to the effect of the global economic crisis, with growth rising since then.
