Egypt re­serves reached $36bn, high­est in 7 years

Kuwait Times - - BUSINESS -

Egypt’s Cen­tral Bank says the coun­try’s for­eign re­serves reached 36.036 bil­lion dol­lars in July, the high­est level since December 2010. The bank an­nounced the in­crease in a brief state­ment yes­ter­day. The fig­ure is four bil­lion dol­lars higher com­pared to the pre­vi­ous month.

The rise comes after the gov­ern­ment se­cured a $12 bil­lion loan from the In­ter­na­tional Mone­tary Fund. In or­der to qual­ify for that loan, the gov­ern­ment im­posed a set of tough eco­nomic mea­sures, in­clud­ing sub­sidy cuts and the flota­tion of its lo­cal cur­rency.

The eco­nomic mea­sures were hailed by the IMF but have left many Egyp­tians strug­gling with both re­duced buy­ing power and spi­ral­ing in­fla­tion. The econ­omy has yet to re­cover from a 2011 pop­u­lar up­ris­ing or gen­er­ate nearly enough jobs for Egypt’s surg­ing pop­u­la­tion of 92 mil­lion. —AP

Newspapers in English

Newspapers from Kuwait

© PressReader. All rights reserved.