Egypt’s foreign reserves rise to $17.520b in May: CBE
Central Bank of Egypt - YOUM7 (Archive)

CAIRO: Egypt’s net foreign reserves inched up in May 2016 for the eighth consecutive month to reach $17.520 billion up from $17.011 billion in April, the Central Bank of Egypt said in a statement on Thursday.

Since the 2011 upheaval that toppled Hosni Mubarak, Egypt has been witnessing a foreign currency decline due to weakening tourism sector and decline in Suez Canal revenues.

The last drop in reserves was in September 2015, when they stood at $16.3 billion down from $18 billion a month earlier.

Egypt’s foreign reserves stood at about $36 billion before the 2011 uprising.

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