Egypt sees growth in forex reserves

Egypt’s foreign currency reserves reached $37.02 billion in 2017, the Central Bank of Egypt said on Wednesday. The figure stood at about $36 billion in January 2011, just before the resignation of then Egyptian President Hosni Mubarak. Since then it had been on the decline until 2017. Over the past few years, Egypt has been suffering an economic recession due to security issues that led to the decline of tourism and foreign investments, two major sources for Egypt’s foreign currency reserves. However, gradually improving security conditions, increasing remittances of Egyptian expatriates, in addition to foreign loans and deposits, gradually refilled the nation’s central bank with foreign funds.