Egypt forex reserves edge up by $34 mln in August

Reserves have been under pressure since Egypt’s 2011 popular uprising, but got a boost by Gulf Arab states in July. (File photo: Reuters)

Egypt’s foreign reserves inched up in August by $34 million to $18.92 billion, the central bank said on Thursday.

Reserves have been under pressure since Egypt’s 2011 popular uprising, but got a boost in July when Gulf Arab states sent it $5 billion after the army removed Islamist President Mohammed Mursi from power.

In the five weeks since Mursi’s removal, Egypt’s pound has appreciated marginally against the dollar on the official market, and much more substantially on the black market.

The end-August reserves figure is the highest since November 2011.

SHOW MORE
Last Update: Wednesday, 20 May 2020 KSA 13:51 - GMT 10:51
Top