Egypt’s net for­eign re­serves surge to record-high in July

Muscat Daily - - BUSINESS -

Cairo, Egypt - Egypt’s net in­ter­na­tional for­eign-cur­rency re­serves surged to a record US$36.03bn in July, ac­cord­ing to cen­tral bank data re­leased on Tues­day.

Re­serves climbed US$4.7bn from the pre­vi­ous month, the data show. Egypt’s for­eign re­serves have been steadily ris­ing since the coun­try floated the pound last year, a step that helped se­cure a US$12bn IMF loan and at­tracted for­eign in­vest­ments to Egypt’s debt mar­ket.

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