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Egypt's Foreign Reserves Nearing $35 Bin: President El-Sisi
Source: www.export-egypt.com 7/25/2017

Egypt’s foreign reserves are now close to $35 billion, President Abdel Fattah El-Sisi announced during a question-and-answer forum at the Fourth National Youth conference in Alexandria

. “I am doing my best, Egyptians. Are you fulfilling your duties?” El-Sisi said, addressing the attendees and television audience.

. Earlier this month, the Central Bank of Egypt continued to climb, registering $31.305 billion at the end of June.

. The reserves have been climbing since Egypt signed an agreement for a three-year $12 billion loan from the International Monetary Fund (IMF) in November 2017.

. Reserves have increased from $28.641 billion at the end of April to $31.125 billion at the end of May.

. The president's estimate of current reserves is close to the $36 billion in foreign reserves Egypt held before the 2011 uprising.

. The popular uprising that toppled former president Hosni Mubarak in 2011 led to a period of political turmoil that dried up Egypt's vital sources of foreign currency, such as tourism and foreign investment.



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