By Nasser Youssef
Egyptian foreign reserves have risen for the third consecutive month. According to the announcement of the Egyptian Central Bank, foreign reserves figures at the end of last June stood at $15.533 billion, as opposed to $15.515 billion the previous month, a meagre rise of $18 million.
Last May, foreign reserves figures rose by $300 million, a 1.9% increase, to reach $15.5 billion in comparison to $15.2 billion during last April.
An official at the Egyptian Central Bank attributed the slightness of last month’s rise to the immense spending on consumer goods and petroleum products to meet domestic demands, especially as Ramadan approaches.