CAIRO: Egypt’s foreign reserves rose to $15.43 billion at January-end, up from $15.33 billion at the end of December, the Central Bank of Egypt (CBE) announced on its official website Thursday.
Foreign reserves slipped in December as Egypt repaid a $700 million six-month premium on the foreign debt owed to the Paris Club. Egypt also repaid a $2.5 billion deposit to Qatar Nov. 28, upon an official request from Doha.
Meanwhile, it is expected that foreign reserves would see a significant improvement next month as Egypt is slated to receive $10 billion in deposits from Saudi Arabia, Kuwait and the United Arab Emirates prior to the Egypt Economic Development Summit scheduled in March, Youm7 reported Wednesday.
“The pledged deposits are separate from the investments the three countries are going to put forward at the summit,” a top government sources told Youm7 Wednesday.
Egypt hopes the long-awaited economic conference will lure fresh investments worth billions of dollars to boost its limping economy hit by political turmoil since the January 25 Revolution.
The foreign reserve allows the government to purchase basic commodities, such as wheat and petroleum products, and to pay off premiums and interest on foreign debts. Egypt’s foreign reserves witnessed a sharp decline after former President Hosni Mubarak’s resignation in 2011, when they were valued at $35.8 billion.