Egypt’s foreign reserves rise by $26M at Feb-end
Central Bank of Egypt - YOUM7(Archive)

CAIRO: Egypt’s foreign reserves rose by $26 million to $15.455 billion at February-end, up from $15. 4 billion at the end of January, the Central Bank of Egypt (CBE) announced on its official website late Tuesday.

At the end of 2014, foreign reserves slipped sharply as Egypt repaid a $700 million six-month premium on foreign debt owed to the Paris Club in December, following the repayment of a $2.5 billion deposit to Qatar Nov. 28, upon an official request from Doha.

Meanwhile, it is expected that foreign reserves may see a significant improvement next month as the country is preparing to hold the upcoming Egypt Economic Development Conference scheduled from March 13-15, which will offer several investment projects for Arab and foreign investors.

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.

The reserves witnessed a sharp decline after former President Hosni Mubarak’s resignation in 2011, when they were valued at $35.8 billion.

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