Egypt’s foreign reserve rises to $16.9 bn: CBE
Central Bank of Egypt -YOUM7 (Archive)

CAIRO:Egypt’s foreign currency reserve has increased to $16.9 billion after the Central Bank of Egypt (CBE) received Thursday $500 million in loan from African Development Bank (ADB), CEB official told Youm7 Saturday.

The $ 500 million is the first installment of a 3-billion-dollar loan over three years from the ADB, the official noted.

The CBE announced Tuesday that the international net currency reserve rose to $16.445 billion at the end of December 2015, compared with $16.422 billion at the end of November 2015.

Egypt’s foreign reserves saw a severe shortfall over the past four years as tourism revenues and foreign direct investments tumbled over political turmoil the followed the 2011 uprising toppled former President Hosni Mubarak. The country’s foreign reserves stood at $35.8 billion months before the 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.

Additional reporting by Yasmine Samra.

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