Foreign exchange reserves increase

Foreign exchange reserves increased by about US$685 million at the end of August after Qatar gave $500 million, the first payment in a deposit that will ultimately total $2 billion.

Foreign reserves now total $15.1 billion after an unexpected decline to $14.42 billion in July, according to data from the Central Bank. The reserves held $15.53 billion in June.

The foreign reserves started rising in April for the first time since the 25 January revolution. The July number being under $15 billion, however, was seen by experts as an indicator of economic danger.

Despite this increase, though, the foreign reserves would still only cover about three months’ worth of imports into Egypt.

Egypt is also currently negotiating a US$4.8 billion loan from the International Monetary Fund.

Edited translation from Al-Masry Al-Youm




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