Egypt’s foreign reserves rose to $42.524 billion at the end of February from $38.209 billion at the end of January, the central bank said on Sunday, helped by a recent Eurobond sale.
Cairo’s foreign reserves have been climbing since the country secured a $12 billion three-year International Monetary Fund loan program in 2016 as part of efforts to woo foreign investors and revive its ailing economy.
Reserves had dropped to about $19 billion before Egypt signed the three-year IMF deal, with Egypt floating the currency and lifting capital controls to lure back investors.
Egypt last month raised $4 billion in a dollar-denominated Eurobond sale to help plug its financing deficit and boost dollar holdings.
“Net international reserves jumping to a new safe level will enhance investor confidence and minimize the funding gap even with the $12 billion of repayments outstanding for this year,” said Hany Farahat, senior economist at CI Capital.
Egypt’s foreign debt rose to $80.8 billion in the quarter to the end of September.
Egypt issues $4 bln in EurobondsEgypt has raised $4 billion in a dollar-denominated Eurobond sale that closed late on Tuesday, the finance ministry said, part of a drive to plug its ... Opinion
Egypt’s fuel subsidy costs jump by 34 pct in first half of 2017-2018Egypt’s fuel subsidy costs jumped by 34 percent in the first half of the 2017-18 fiscal year, the Egyptian oil minister said on Wednesday, ... Energy
Egypt aims to finish Zohr development by early 2019 - ministerEgypt aims to finish the development of its giant Zohr gas field by the beginning of 2019, Petroleum Minister Tarek El Molla told a local television ... Energy
Egypt net foreign reserves rise to $38.2 bln at end-JanuaryEgypt’s foreign reserves registered in January the biggest month-on-month jump since July last year as the country pushed forward with economic ... Economy