Egypt’s foreign reserves continue rise, register $36.143 in August 2017

Cairo – Egypt’s foreign reserves registered $36.143 billion at the end of August 2017, continuing a rising streak, the Central Bank of Egypt (CBE) announced on Wednesday.

At the end of July, foreign net reserves jumped to $36.036 billion, hitting pre-2011 levels for the first time since the 25 January uprising, with international net reserves increasing $4.7 billion in July alone.

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.

The popular uprising that toppled 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.