Egyptian foreign reserves down more than $1.5bn, at $18.5bn

Doaa Farid
1 Min Read
The price of the US dollar against the Egyptian pound stabilised on Monday after witnessing two consecutive increases on Thursday and Sunday, during which it increased by 20 piasters. (AFP Photo)

Egypt’s foreign reserves have registered $18.55bn in July, compared to $20.0797bn in June, the Central Bank of Egypt (CBE) announced on Wednesday.

The CBE has paid $700m to the Paris Club in July. In 2014, Egypt twice repaid $681m to the Paris Club, where the same figure was also paid to them by the beginning of 2015.

The Egyptian government is due to pay $250m in September as dues of bonds issued in international market, according to the Ministry of Finance.

In May, foreign currency in the CBE recorded $19.5597bn.

The international foreign reserves jumped to $20.5bn at the end of April 2015, compared to $15.29bn in March. The increase was attributed to the arrival of $6bn in Gulf deposits from Saudi Arabia, Kuwait and the UAE.

Since December 2011, foreign reserves fluctuated but did not surpass the $20bn figure. Meanwhile in January 2011, before the uprising that ousted former president Hosni Mubarak, Egypt’s reserves totalled $35.01bn.

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