Egypt foreign exchange reserves increase by $107m in August
Foreign exchange reserves increased to $36.14bn at the end of August compared to $36.03bn in July
Foreign exchange reserves at the Central Bank of Egypt (CBE) increased to $36.143bn at the end of August compared to $36.036bn at the end of July, an increase of $107m, the CBE said on Wednesday.
The country’s foreign exchange reserves jumped to $36.036bn in July, an increase of $4.7bn, bringing to mind its previous high levels before the 25 January revolution in 2011.
The country’s foreign exchange reserves stood at $36bn level before the 25 January Revolution.
In July, Egypt has received the second tranche worth $1.25 of ts World Bank loan, totaling $12bn over three years. The first tranche reached $2.75bn in November.
The increase in the country’s foreign exchange reserves would increase its ability to repay external debts in time, and also contribute to improving Egypt’s credit rating. Egypt’s foreign and domestic public debt represented 107% of GDP at the end of March, consisting of about $74bn of foreign debt and EGP 3.5tn of domestic debt.
Foreign exchange reserves maintain an upward trend in August