Egypt’s foreign reserves rise to $20B at June-end
CBE building - YOUM7 (Archive)

CAIRO: Egypt’s net international reserves rose to $20.079 billion at June-end, around $520 million up from $19.559 billion a month earlier, the Central Bank of Egypt (CBE) announced Tuesday.

Egypt’s foreign reserves saw a severe shortfall over the past four year as tourism revenues and foreign direct investments tummled over political turmoil following the January 25 Revolution which toppled Former Minister Hosni Mubarak in 2011, when they were valued at $35.8 billion.

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.

At April- endmonth, the reserves had surged to $20.5 billion upon receiving $6 billion worth of deposits from Saudi Arabia, Kuwait and United Arab Emirates (UAE) in April 2015.

Gulf countries promised a total of $12.5 billion in aid and investments to Cairo on the first day of the three-day economic summit held in Sharm el-Sheikh March 13-15.

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