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Egypt foreign reserves close to July level - central bank governor

Foreign reserves are stable at the almost the same level as the month of July central bank governor Hisham Ramez said

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Egypt’s foreign reserves in August stayed close to their July level of $16.736 billion, the country’s central bank governor Hisham Ramez told Reuters on Sunday.

“The foreign reserves are stable at the same level as the month of July almost,” Ramez said over the phone, without giving a new figure.

The reserves started falling sharply after a 2011 uprising that ousted President Hosni Mubarak. But they began climbing back Gin last year when Gulf Arab states sent billions of dollars after the army ousted Mubarak’s successor, Islamist President Mohamed Mursi.