Egypt's foreign reserves increase for second consecutive month

Published March 4th, 2014 - 04:57 GMT
Egypt's foreign reserves decreased between August 2013 and January of this year (File Archive)
Egypt's foreign reserves decreased between August 2013 and January of this year (File Archive)

Egypt's net international reserves (NIR) rose to $17.3 billion at the end of February, the second consecutive monthly increase, according to the latest figures released by the Central Bank of Egypt (CBE) on Tuesday.

The state’s FOREX amounted to $17.1 billion at the end of January, the first increase in Egypt’s foreign reserves since August 2013.

Earlier this month, Hisham Ramez, the governor of the Central Bank of Egypt (CBE), stated that Egypt's FOREX level is safe.

He also noted the recent aid from Arab Gulf countries Saudi Arabia and United Arab Emirates comprised of deposits, investments, and petroleum shipments.

Aid to Egypt amounting to $12 billion from Saudi Arabia, the United Arab Emirates, and Kuwait after the ouster of Islamist president Mohamed Morsi in July boosted Egypt's reserves to a high of $18.9 billion in August.


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