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

The Daily News Egypt - - Front Page - By Mo­hamed Ayyad

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

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